July 24, 2019 / 6:20 AM / a month ago

Retailer Casino to sell three hypermarkets for 42 million euros

FILE PHOTO: A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, July 20, 2017. REUTERS/Stephane Mahe/File Photo

PARIS (Reuters) - French supermarket retailer Casino (CASP.PA) has signed pledges to sell three of its Geant Casino hypermarkets for 42 million euros ($46.8 million) as it seeks to reduce debt.

Casino has been struggling to improve profits in a tough business climate and faced concerns over its ability to generate enough cash to also pay off the debts of parent holding company Rallye (GENC.PA).

In May Casino Chairman and Chief Executive Jean-Charles Naouri placed Casino’s parent companies, including Rallye, under protection from creditors.

Reporting by Sudip Kar-Gupta; Editing by David Goodman

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