Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

French retailer Casino to present new strategy with heavy job cuts expected

2024 09 30T171247Z 1 LYNXMPEK8T0N5 RTROPTP 4 CASINO RESTRUCTURING

Published : 1 week ago, on

 

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)

 

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post