Casino Guichard-Perrachon SA announced Aug. 20 that its board approved €2 billion worth of new asset disposals in France.
The food retailer aims to complete the sales by the end of the first quarter of 2021.
This follows the €2.5 billion worth of sales Casino targeted under the first phase of its disposal plan by the first quarter of 2020, of which €2.1 billion have already been agreed upon.
Casino Group initially launched a €1.5 billion asset disposal plan in June 2018, which included exploring options for its loss-making stores. The company reached the €1.5 billion target amount in March.
Casino also said it had "completed its strategic plan." This comprises a focus on boosting its e-commerce, premium and convenience store formats and strengthening its position across various geographies, expanding into high-growth business areas such as energy, data and advertising, and prioritizing recurring cash flows.
The company has sold off a host of assets piecemeal since it initiated the restructuring. Notable disposals include 12 Géant Casino hypermarkets and 20 Monoprix and Casino supermarkets to funds managed by affiliates of Apollo Global Management LLC for €470 million, its R2C catering service to Compass Group PLC for an undisclosed amount and its French headquarters for €101.3 million to real estate developer DCB International Sarl.
