France's Casino supermarket chain to cut 3,200 jobs following takeover

Casino said this week it would beryllium making nan occupation cuts to amended its financial business - and said it would refocus its business connected convenience stores instead.

Meanwhile, nan group said it would consult pinch unions and different stakeholders connected 6 May to unveil plans to safeguard astir of nan astir 30,000 group it employs successful France.

Shares successful nan retailer are down 96% year-to day but investors responded positively to nan update, liftings its banal by astir 5%.

In a abstracted statement, Casino said it will besides instrumentality a reverse stock divided of its stock superior done nan speech of 100 existing shares for each caller share.

Moreover, nan company, which mislaid €5.7 cardinal successful 2023, said it besides plans a €1.2 cardinal finance to modernise its stores by 2028.

Casino has had to restructure its operations to look from its indebtedness and arsenic a consequence has had to waste disconnected astir of its larger-format shops to rivals Intermarche, Auchan and Carrefour. However, it will support operating its Monoprix and Franprix convenience chains.

On Wednesday, nan business reported its latest financial results and posted antagonistic sales. However. It said nett indebtedness astatine nan extremity of March 2024 was astatine €1.6 billion, compared pinch €6.2 cardinal astatine nan extremity of December 2023.