The commercial court in Paris is considering the accelerated protection plan for Casino, a distributor of gambling games. The Central Social and Economic Committee (CSEC) has requested a one-week delay in the debates to address concerns about the lack of a social component in the plan. Unions estimate that 6,000 jobs are at risk.

During negotiations, Casino sold 288 large stores to its competitors, Auchan, Intermarche and Carrefour, resulting in the transfer of 12,800 employees. This move will have a significant impact on the support functions that remain within the group.

In July, Casino signed an agreement on debt restructuring and share change until March or April 2024. The court has until February 25 to approve the plan, while in March the recapitalization will take place and new shareholders will decide on a new Board of Directors.

The network of local stores under brands such as Spar, Vival or Le Petit Casino, e-tailer Cdiscount and Franprik stores will remain with the group after the sale of large stores. Additionally, fired employees will receive “above-the-law” compensation and voluntary severance plans as part of negotiations.

It is unclear what other content was included in the original text that does not seem related to this article on Casino’s protection plan.

By Editor

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