Casino Supermarket Chain to Cut 1,300-3,200 Jobs Post-Takeover, Announces €1.2B Modernization Plan

France's Casino supermarket chain, which is owned by Czech billionaire Daniel Kretinsky, announced this week that it will be cutting between 1,300 and 3,200 jobs as part of efforts to improve its financial situation.

The company plans to refocus its business on convenience stores and will consult with unions and stakeholders on May 6 to discuss measures to protect the jobs of its nearly 30,000 employees in France.

Despite a 96% year-to-date loss in share value, investors responded positively to the update, causing Casino's stock to rise by about 5%.

The company also announced a reverse share split of its share capital.

Casino, a French retailer, reported a loss of €5.7 billion in 2023 and plans to invest €1.2 billion to modernize its stores by 2028.

Due to debt restructuring, the company has sold off most of its larger-format shops to rivals Intermarche, Auchan, and Carrefour, but will continue operating Monoprix and Franprix convenience chains.

In its latest financial report, Casino posted negative sales but reduced net debt from €6.2 billion at the end of 2023 to €1.6 billion at the end of March 2024.