French retail chain Casino has announced that it has reached an initial agreement to sell its ownership in Latin American store Almacenes Éxito to Grupo Calleja. The board of Casino gave its approval on Friday to a preliminary agreement to divest its entire ownership in Almacenes Éxito to Grupo Calleja, a prominent supermarket retailer in El Salvador. Casino is currently undergoing a restructuring process, as years of acquiring debt had pushed it to the brink of default. The company stated on Monday that it will be receiving $400 million from the sale of its stake in Almacenes Éxito, with each share priced at $0.9053. Additionally, Casino's subsidiary, Grupo Pao de Acucar (GPA), which also owns a stake, will receive $156 million.
