Intense negotiations have occupied the group for weeks, offers of competing takeovers having been made by the duo of billionaires Kretinsky-Ladreit de Lacharrière and the trio Niel-Pigasse-Zouari.
Casino employs 200,000 people worldwide, a quarter of whom are in France.
Without waiting for the official publication of its financial results on July 27, the French group unveiled a provisional estimate of its turnover for the second quarter, which promises to be down sharply in France, especially in supermarkets.
France revenue is estimated at €3.6 billion excluding taxes, down 8.9% compared to the second quarter of 2022 (€3.954 billion).
Hypermarkets and supermarkets are losing momentum, with revenue declines of 17.1% and 13.9%, respectively, on a like-for-like basis compared to the same quarter last year. A fall blamed, in particular, "price drops".
Conversely, Parisian and convenience stores (Franprix, Monoprix, etc.) should see their turnover increase by 2.6% over the quarter, on a like-for-like basis.
The overall consequence is that profitability drops sharply. The indicator of choice, the gross operating surplus (Ebitda), after rents paid, is now planned for the France over the year "less than 300 million euros", "against 440 million euros in the business plan presented to the market on June 26, 2023", says the group. This profitability indicator is even estimated negative for the first half of the year.
An "agreement in principle with the main creditors on the restructuring of the financial debt" must be concluded no later than July 27, 2023, the group said in its statement. Thus, "the conciliators have requested stakeholders to submit revised offers no later than July 14, 2023 at 21 p.m.," he added.
These offers will be examined on Monday 17 July by the group's management and creditors, who are major French and European banks, investment funds and institutional players.
Economy Minister Bruno Le Maire spoke for the first time on the subject, during questions to the government in the National Assembly, and said that the State would ensure "the solidity of the industrial project" and the future of the 50,000 employees of the group" in France.
© 2023 AFP