Business
French retailer Casino to present new strategy with heavy job cuts expected
Global Banking & Finance Review®
Company
PARIS (Reuters) – French supermarket chain Casino will set out its new strategy in November, with heavy
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)
Corporate strategy refers to the overall plan and direction a company takes to achieve its long-term goals and objectives, including decisions about resource allocation, market positioning, and competitive advantage.
A financial crisis is a situation in which the value of financial institutions or assets drops significantly, leading to a loss of confidence and often resulting in economic downturns, bankruptcies, and unemployment.
Retail trade involves the sale of goods and services directly to consumers, typically through physical stores or online platforms, and is a key component of the economy.
Employment opportunities refer to available jobs or positions within the labor market that individuals can apply for, often influenced by economic conditions and industry demand.
Explore more articles in the Business category
