Commercial court reviews safeguard plan for Casino on Monday

Casino Faces Criticism and Uncertainty as Court Reviews Safeguard Plan: 6,000 Jobs at Risk

The Paris commercial court is once again considering the accelerated safeguard plan for the distributor Casino. The Central Social Economic Committee (CSEC) requested a one-week postponement of the debates to address the absence of a social component in the plan, and unions estimate that 6,000 jobs are at risk.

The distributor signed an agreement in July to restructure its debt and change its shareholding by March or April 2024. The court has until February 25 to approve the plan, with capital increases taking place in March and a general meeting of new shareholders deciding on the new board of directors.

During negotiations for the safeguard plan, Casino sold 288 large stores to competitors Auchan, Intermarché, and Carrefour. This operation will result in the transfer of 12,800 employees and have significant consequences for support functions remaining within the group.

The network of local stores under brands such as Spar, Vival, or Le Petit Casino will remain with Casino after the sale of large stores. In addition, Cdiscount e-retailer Franprix stores will also remain with Casino. Monoprix is not included in this list.

Unrelated content from the original text has been removed from this version to focus solely on information about Casino’s safeguard plan and its impact on employees and shareholders.

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