Supermarket retailer Casino to sell six stores to rival Leclerc

Supermarket retailer Casino to sell six stores to rival Leclerc

French supermarket retailer Casino , 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 (US$114 million).

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

PARIS: French supermarket retailer Casino , 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 (US$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

Bookmark