In a move to bolster its financial standing, Casino, the French supermarket chain burdened with significant debts, revealed its intention to divest its remaining ownership interest in Assai, a prominent Brazilian retailer. This equity stake amounts to approximately 12% of Assai’s overall share capital.
By executing this transaction, Casino aims to enhance its liquidity, as stated by the company shortly after disclosing its recent agreement with the French government to defer the settlement of tax and social security obligations. Casino has long grappled with mounting debts attributable to an array of acquisitions, dwindling revenues, and the erosion of its market share within a fiercely competitive domestic market.