French retailer Casino to present new strategy with heavy job cuts expected

PARIS (Reuters) – French supermarket chain Casino will set out its new strategy in November, with heavy job cuts still likely, it said on Monday.

The final number of job cuts could be fewer than 3,000, depending on the outcome of takeover negotiations currently under way, the company said in a statement.

“Sale negotiations are still in progress for several sites,” it said, adding that the total number of redundancies will not be finalised until November.

Now owned by Czech billionaire Daniel Kretinsky, Casino launched a restructuring plan in April, resulting in the sale of about 350 outlets since the end of 2023.

In July the retailer said that implementation of the recovery plan could result in up to 3,267 job losses.

The French group, shares in which have plunged by 96% since the beginning of the year owing to reverse stock-split transactions and share capital reductions, said that it still has 24 stores to sell.

(Reporting by Sudip Kar-Gupta and Gianluca Lo Nostro; Editing by David Goodman)

Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.