The future of Casino hangs in the balance once again as the Paris commercial court considers a draft accelerated safeguard plan for the struggling retailer. The Central Social Economic Committee (CSEC) has requested a one-week postponement of debates to address concerns about the absence of a “social component” in the safeguard plan, which is required when job reductions are involved. Unions fear that 6,000 jobs could be at risk.
During negotiations over the safeguard plan, Casino agreed to sell 288 large stores, supermarkets, and hypermarkets to competitors Auchan, Intermarché, and Carrefour, resulting in the transfer of 12,800 employees and significant consequences for support functions within the group. In July, Casino signed an agreement providing for debt restructuring and a change of shareholding by March/April 2024.
The inter-union of Casino announced that voluntary departure plans have been promised within entities covered by a job protection plan. Dismissed employees will be eligible for “supra-legal” compensation. The court must approve the plan before February 25 and capital increases must take place in March.
Casino’s network of more than 6,000 local stores will remain along with Cdiscount e-retailer and 1,000 Franprix stores and Monoprix outlets sold will be transferred in three successive waves on April 30, May 31, and July 1.