The wheel is turning at Casino. For a quarter of a century, Jean-Charles Naouri has reigned supreme over the Saint-Etienne distributor created in 1898 by Geoffroy Guichard. Combining the functions of chairman and chief executive officer, he controls 52.3%, thanks to a cascade of holdings. Jean-Charles Naouri held this control as the apple of his eye. For years, he fought tooth and nail to keep it, disdaining the advice of his closest collaborators and his most loyal bankers. Against all odds, he always succeeded, thwarting Cassandra and speculators.
However, this Tuesday, Jean-Charles Naouri went to Canossa: the CEO of Casino asked the president of the commercial court of Paris to open a conciliation procedure, in order to negotiate with the creditors of the distributor, which suffocates under 6.4 billion euros of debt. At 74 years old, Jean-Charles Naouri opens the door to a change of control of this group of 12,000 stores...
This article is for subscribers only. You still have 92% to discover.
Want to read more?
Unblock all items immediately.
TEST FOR 0,99€
Already a subscriber? Log
