Kretinsky Informs Casino Unions That Retailer Must Sell Assets in Order to Survive

A group of investors, led by Czech billionaire Daniel Kretinsky, has warned French unions that Casino GuichardPerrachon SA may face collapse within a year if it doesnt sell unprofitable hypermarkets and supermarkets.

The investor group, including Fimalac and Attestor emphasized the need to sell assets despite opposition from unions, citing a risk of social damage and deteriorating working conditions.

Casino French market share has dropped, and its hypermarkets and supermarkets business is expected to close the year with a €538 million loss.
 
It seems like the group of investors, led by Czech billionaire Daniel Kretinsky, is sending a clear message to the unions at Casino GuichardPerrachon SA. According to the investors, the company is in danger of collapsing within a year unless it takes drastic measures to sell its unprofitable hypermarkets and supermarkets.

The investor group, which includes Fimalac and Attestor, seems to be emphasizing the urgency of selling these assets, despite opposition from the unions. They argue that not doing so could result in social damage and worsening working conditions.

It is worth noting that Casino's market share in France has been declining, and it is expected to end the year with a significant loss of €538 million ($579 million) in its hypermarkets and supermarkets business.

These numbers indicate a potential crisis for Casino, which the investor group sees as a reason to cut losses and focus on profitable parts of the business. However, the unions are likely to put up a fight to protect the jobs and working conditions of their members.

This situation highlights the challenging economic landscape faced by Casino and many other retail companies in the face of rapidly changing consumer behavior and increased competition. It remains to be seen how Casino will navigate these difficulties and whether it will be able to salvage its business in the long run.
 
Back
Top