Casino to Sell Three Hypermarkets for EUR42 Million

By Patrick Costello

Casino Guichard-Perrachon S.A. (CO.FR) said Wednesday that it has agreed to sell three stores in France for a total of 42 million euros ($46.9 million) as part of its strategy to dispose of loss-making stores.

The transactions include the sale of its hypermarket in Marmande to an "experienced retailer" that intends to convert the store, and the sale of its hypermarket in Onet-le-Chateau to an associate of the Systeme U network, the French retailer said.

Casino also agreed to sell its hypermarket in Beziers to a Leclerc member, it said.

The three stores represented net sales of about EUR76 million in 2018, making for a trading loss of roughly EUR2 million, it said. The transactions are slated to be completed by the end of 2019, Casino said.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

July 24, 2019 02:31 ET (06:31 GMT)

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