Updated December 18th, 2023 at 20:37 IST
Intermarche and Auchan to acquire 320 stores from ailing Casino
Struggling with anticipated losses in 2023, Casino is urgently seeking a bailout to prevent early-year bankruptcy.
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French retailers Intermarche and Auchan are in the process of acquiring 320 stores from the struggling Casino, as per a report in the French financial daily Les Echos on Monday.
According to the publication, the joint bid from Intermarche and Auchan outpaced offers from Lidl and Carrefour for the stores in question.
A representative from Casino mentioned that a press release detailing the transaction would be issued shortly.
When approached for comments, Auchan, Intermarche, Carrefour, and Lidl opted not to respond.
Facing potential losses in 2023 for its primary French operations, Casino is urgently working to finalise a bailout in order to avert bankruptcy in the early months of the coming year.
A new leadership team, centred around Czech billionaire Daniel Kretinsky, is poised to assume control of Casino. The retailer found itself on the brink of default due to a combination of debt-driven acquisitions and a decline in market share for competitors.
Last month, Casino disclosed that it had received preliminary offers from various buyers for an unspecified number of hypermarkets and supermarkets that were up for sale.
(With Reuters Inputs)
Published December 18th, 2023 at 20:37 IST