• Fri. Mar 1st, 2024

Paris Commercial Court Pauses Debates on Casino’s Safeguard Plan Amid Concerns for Workers and Jobs

ByEditor

Feb 12, 2024
Commercial court reviews safeguard plan for Casino on Monday

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

During negotiations for the safeguard plan, Casino sold 288 large stores to competitors Auchan, Intermarché, and Carrefour, resulting in the transfer of 12,800 employees and significant consequences for support functions remaining within the group.

The distributor signed an agreement in July to restructure its debt and change its shareholding by March or April 2024. The court has until February 25 to approve the plan, with capital increases taking place in March and a general meeting of new shareholders deciding on the new board of directors.

The network of local stores under Spar, Vival or Le Petit Casino brands, e-retailer Cdiscount, Franprix stores and Monoprix will remain with the group after selling large stores.

Unions have reported that dismissed employees will receive “supra-legal” compensation and voluntary departure plans within a to-be-negotiated scope. The court will make a decision about the safeguard plan by February 25th.

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