In a groundbreaking move that has sent shockwaves throughout the retail industry, French supermarket giant Casino Group has announced plans to sell an additional 90 stores for a whopping EUR345 million. This news comes just months after the company sold off 55 stores for EUR100 million as part of a larger strategy to streamline its operations and focus on its core business.
The decision to sell off more stores is seen as a bold and strategic move by Casino, which has been struggling in recent years to maintain profitability in the face of stiff competition from online retailers and discount supermarkets. The sale of these additional stores is expected to provide the company with much-needed capital to reinvest in its remaining assets and strengthen its position in the highly competitive retail market.
According to Casino Group CEO, Jean-Charles Naouri, the decision to sell off more stores is part of a larger strategy to optimize the company’s store network and improve its overall performance. “We are committed to transforming Casino into a leaner, more efficient organization that is better equipped to compete in today’s rapidly evolving retail landscape,” Naouri stated in a press release.
The stores to be sold are spread across France and include a mix of hypermarkets, supermarkets, and convenience stores. While the names of the buyers have not been disclosed, industry insiders speculate that the stores may be purchased by a mix of rival supermarket chains and private equity firms looking to expand their presence in the French retail market.
The news of the sale has already had a significant impact on Casino’s stock price, which surged by more than 5% following the announcement. Investors and analysts alike have praised the move as a smart and strategic decision that will help to increase the company’s profitability and position it for future growth.
In a statement to MarketWatch, a spokesperson for Casino Group reiterated the company’s commitment to its long-term strategy and expressed confidence that the sale of the additional stores will help to strengthen its position in the market. “We believe that by divesting non-core assets and focusing on our core business, we will be better positioned to deliver sustainable growth and create long-term value for our shareholders,” the spokesperson said.
As the retail industry continues to evolve and adapt to changing consumer preferences, the sale of these additional stores by Casino Group is a clear indication of the company’s determination to stay ahead of the curve and remain competitive in an increasingly challenging market. Only time will tell how this bold move will ultimately impact the company’s bottom line, but for now, Casino Group’s decision to sell off more stores has certainly captured the attention of investors and industry observers alike.
