French Supermarket Retailer Casino to Sell 6 Stores to Its Rival Leclerc

FILE PHOTO: The logo of Casino shop is seen in Nice, France, January 15, 2019. REUTERS/Eric Gaillard/File Photo

PARIS (Reuters) – French supermarket retailer Casino (CASP.PA), in the process of divesting assets to cut debts, has agreed to sell six of its ‘Geant’ hypermarket stores to domestic rival Leclerc for 100.5 million euros ($114 million).

“Reducing these losses will contribute to the group’s growth objective in trading profit in the France retail segment,” Casino said in a statement on Saturday.

Earlier this week, Casino reported a slight slowdown in revenue growth during the fourth-quarter as anti-government protests in France impacted its business, although Casino kept its overall financial targets.

Reporting by Sudip Kar-Gupta; Editing by Janet Lawrence

Source: Reuters