Casino ready to be dismantled before its takeover by Kretinsky

DECRYPTION – Under pressure, the distributor is forced to sell its hypermarkets and supermarkets, which are heavily loss-making.

Despite all the firefighters waiting at his bedside, the Casino house (Monoprix, Franprix, Casino, #hyperfrais, Vival, Spar, etc.) never stops burning. The critical financial situation of the group’s hypermarkets and supermarkets threatens the agreement reached in July with the consortium formed by Daniel Kretinsky, Marc Ladreit de Lacharrière and the Attestor investment fund. So much so that the management of Casino is now considering selling these stores before the takeover of Casino by the consortium, scheduled for early spring 2024.

The lock-up agreement sealing the terms of the restructuring of the group’s debt and the increase in the consortium’s capital to 49% was signed on October 5. Daniel Kretinsky, Marc Ladreit de Lacharrière and the Attestor fund have committed to investing 925 million euros to get Casino out of the rut, while preserving the integrity of the group. Jean-Charles Naourithe CEO and controlling shareholder of Casino for a few more months, had made a point of honor…

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