# French retailer Casino to present new strategy with heavy job cuts expected
Published: 2024-10-01
Category: News
Category URL: https://internationalreleases.com/category/news/
Meta Title: French supermarket Casino to reveal new strategy in November
Meta Description: Learn about French supermarket Casino upcoming strategy changes with potential job cuts. Stay informed on takeover negotiations and restructuring plans.
URL: https://internationalreleases.com/french-retailer-casino-to-present-new-strategy-with-heavy-job-cuts-expected/

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PARIS (Reuters) – French supermarket chain Casino will set out its new strategy in November, with heavy job cuts still likely, it said on Monday.

The final number of job cuts could be fewer than 3,000, depending on the outcome of takeover negotiations currently under way, the company said in a statement.

“Sale negotiations are still in progress for several sites,” it said, adding that the total number of redundancies will not be finalised until November.

Now owned by Czech billionaire Daniel Kretinsky, Casino launched a restructuring plan in April, resulting in the sale of about 350 outlets since the end of 2023.

In July the retailer said that implementation of the recovery plan could result in up to 3,267 job losses.

The French group, shares in which have plunged by 96% since the beginning of the year owing to reverse stock-split transactions and share capital reductions, said that it still has 24 stores to sell.

(Reporting by Sudip Kar-Gupta and Gianluca Lo Nostro; Editing by David Goodman)


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