French mass-market retailer Casino Group has confirmed the divestiture of 90 stores to Groupement Les Mousquetaires and Auchan Retail France. 

The sale accords with agreements signed on 24 January and 8 February 2024 to dispose of 287 stores. 

The company will transfer another 76 stores in July 2024.  

The deal is based on an enterprise value of €345m for the stores sold. 

The move is part of a strategic transformation plan focusing on convenience channels and operational streamlining. 

Les Mousquetaires and Auchan Retail France have committed to take over all the employment contracts of employees assigned to the transferred stores and service stations, in line with the French Labour Code. 

The retailers will maintain the employees assigned to the stores and all employee benefits for at least 15 months from the date of transfer. 

Groupement les Mousquetaires and Auchan Retail France have encouraged employees to apply for new roles or to become store managers. 

The announcement comes after Casino reported that its consolidated net loss amounted to €5.66bn ($6.12bn) for the fiscal year 2023, compared with a €316m loss reported in 2022.  

In April 2024, the retail group unveiled a comprehensive transformation plan aimed at prioritising the convenience channel and streamlining operations.   

The plan could result in a reduction of up to 3,267 jobs. 

In February 2024, Casino filed for Chapter 15 bankruptcy protection in the US, seeking to have its French accelerated safeguard proceedings recognised by the American courts.