The Paris commercial court is considering the accelerated safeguard plan for distributor Casino once again. The Central Social Economic Committee (CSEC) has 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.
During negotiations for the safeguard plan, Casino sold 288 large stores to its competitors, Auchan, Intermarché, and Carrefour. This operation will result in the transfer of 12,800 employees and have significant consequences for the support functions remaining within the group.
Casino signed an agreement in July to restructure its debt and change its shareholding by March or April 2024. The court has until February 25th 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.
The network of local stores in regions under the Spar, Vival or Le Petit Casino brands, e-retailer Cdiscount, Franprix stores, and Monoprix will remain with the group after the sale of 288 large stores. Additionally, dismissed employees will receive “supra-legal” compensation and voluntary departure plans within a to-be-negotiated scope.