Casino to Dispose of Four Loss-Making Stores
April 12 2019 - 2:51AM
Dow Jones News
By Anthony Shevlin
Casino Guichard-Perrachon SA (CO.FR) said Friday that it signed
unilateral purchase commitments for the disposal of four
loss-making stores.
The French retailer said the commitments represent a total of 24
million euros ($27.04 million) and the disposals are expected to be
completed in the third quarter.
The disposals include the sale of two Leader Price stores to
German retailer Lidl and two separate Geant hypermarkets to a
Leclerc member and "an experienced professional in the retail
sector," which plans to operate it under the Systeme U brand. The
real estate of the latter will be sold to a private investor,
Casino said.
In 2018 these stores generated sales of EUR42 million, excluding
value-added tax, and a trading profit loss of EUR1.5 million,
Casino said.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
April 12, 2019 02:36 ET (06:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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