Moody’s downgraded the corporate rating of overleveraged French supermarket group Casino Guichard-Perrachon during a crucial refinancing. 28 rows Casino Guichard-Perrachon SA: Casino’s partnership with Auchan will reduce purchasing costs, a credit positive Moody's Investors Service 22 Feb 2018.
Casino Guichard-Perrachon SA CGUSY, -4.18% said Friday that it signed unilateral purchase commitments to sell six of its stores for a total 18.3 million euros ($20.6 million).
The French supermarket company said the sale of its stores, which include one hypermarket, four supermarkets and one Leader Price, is part of its strategy to sell structurally loss-making stores, and should be completed during the second half of 2019.
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'The agreements signed provide for the continuation of the employment contracts of the employees of these stores, in accordance with legal rules,' the company said.
Casino specified that the stores represented a trading loss of roughly three million euros in 2018.