The future of Casino is once again in front of the Paris commercial court as they consider the draft accelerated safeguard plan for the distributor in financial difficulties. Last week, the Central Social Economic Committee (CSEC) requested a postponement of the debates for a week to address the absence of a “social component” in the safeguard plan, considering that such a component is mandatory when job reductions are involved. Unions fear that 6,000 jobs are at risk.
The inter-union of the group announced that voluntary departure plans have been promised within the entities covered by a job protection plan, and dismissed employees will be able to benefit from “supra-legal” compensation. The court has until the end of the accelerated safeguard period on February 25 to approve the plan, and various capital increases must take place in March.
During negotiations for a safeguard plan, Casino agreed to sell 288 large stores, supermarkets, and hypermarkets to competitors Auchan, Intermarché, and Carrefour. This resulted in the transfer of 12,800 employees and serious consequences for support functions within the group. In July, Casino signed an agreement providing for debt restructuring and shareholding changes by March/April 2024.
The network of more than 6,000 local stores will remain along with Cdiscount e-retailer, Franprix stores and Monoprix. The stores sold will be transferred in three successive waves on April 30th May 31st and July 1st