Casino: new strategy to be presented in November

(CercleFinance.com) - Casino announced on Monday evening that it intends to present a new strategy to the market in November, designed to put the group back on the road to profitability and ensure its long-term viability.


During an update on its transformation plan, the retailer - which is seeking to refocus on convenience retailing - indicates that the roadmap will aim to establish greater synergy between its brands.

The project is expected to involve the disposal of less profitable stores and the reorganization of activities at head office level, with the aim of pooling know-how more effectively.

The group, which has disposed of some 350 hypermarkets and supermarkets, indicates that 24 stores currently remain to be disposed of.

Of this total, two stores will be taken over, four are still under discussion, while 18 stores and four logistics platforms have not yet found an identified buyer.

While the job-saving plan initially foresaw 3,267 job cuts, the number of job losses could end up being less than 3,000 at the end of the negotiations currently underway for the
stores to be taken over, according to a press release.

While the voluntary redundancy and internal redeployment phases have now begun, Casino points out that 1,200 positions are currently vacant within the new perimeter and open to internal redeployment.

Following these announcements, Casino's share price fell by more than 3% on Tuesday morning on the Paris Bourse, despite its 96% decline since the beginning of the year.

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