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Casino seeking options for loss-making hypermarkets

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Casino seeking options for loss-making hypermarkets

French retail group Casino Guichard-Perrachon Société Anonyme is exploring a number of options for its 20 loss-making hypermarkets in France, Reuters reported Oct. 5, citing a company spokesman.

The supermarket chain said it does not plan to close the said stores, which operate under the Geant brand. Casino is instead looking at the possibility of selling or converting some of them into smaller stores or franchises.

In a magazine interview, E. Leclerc SA CEO Michel Edouard Leclerc said his company is looking at plans to acquire some of the Geant hypermarkets.

The company expects its Geant hypermarkets to return to profitability this year, Reuters said.

The report comes around three weeks after Casino said it rejected a merger offer from fellow French retailer Carrefour SA. Carrefour later refuted the Casino's statement and denied that it was seeking a merger with the company.