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Why Jean-Charles Naouri is finally forced to "break into pieces" Casino

2023-12-02T14:00:08.033Z

Highlights: Why Jean-Charles Naouri is finally forced to "break into pieces" Casino. At the end of July, the agreement reached with Daniel Kretinsky was supposed to save the band. Since then, the losses have been piling up, and he has to sell hundreds of hypermarkets and supermarkets, with a risk of social breakdown. «My honour is to pass on the integrity of the group. It's a moral promise made to Antoine Guichard who deserved to be fought the hardest of battles," says Naouri.


STORY - At the end of July, the agreement reached with Daniel Kretinsky was supposed to save the band. Since then, the losses have been piling up, and he has to sell hundreds of hypermarkets and supermarkets, with a risk of social breakdown.


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My honour is to pass on the integrity of the group. It's a moral promise made to Antoine Guichard who deserved to be fought the hardest of battles." Speaking to a journalist from Le Point on the morning of Sunday, July 30, Jean-Charles Naouri, the CEO of Casino, which he took control of more than thirty years ago by allying himself with the grandson of its founder Geoffroy Guichard, seemed relieved and satisfied with the task accomplished. Resigned to losing the absolute control he has had for decades over the Saint-Etienne retailer (Casino, Monoprix, Franprix, Naturalia, Vival, Cdiscount, etc.), the septuagenarian welcomes the agreement sealed the previous Thursday with Czech billionaire Daniel Kretinsky, Marc Ladreit de Lacharrière and the British fund Attestor. At the end of the first quarter of 2024, this consortium is due to take control of Casino, after a capital increase in which it will inject €1.2 billion, in exchange for the write-off of €5 billion in debt by the company.

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Source: lefigaro

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