Heavily indebted French supermarket chain Casino on Thursday announced it would sell its residual equity stake in Brazilian retailer Assai, representing around 12% of the company's share capital.
A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/File Photoon Thursday announced it would sell its residual equity stake in Brazilian retailer Assai, representing around 12% of the company's share capital.
The deal helps Casino improve its liquidity, the company said one day after announcing it had also reached an agreement with the French government toCasino has been plagued for years by hefty debt following a string of acquisitions and by declining revenues and loss of market share in a competitive domestic market.
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