Casino Guichard-Perrachon Reports Massive Losses in 2023
Casino Guichard-Perrachon faced a challenging year in 2023, marked by a staggering net loss of 5.66 billion euros. The French supermarket giant continued to grapple with mounting debt as it prepared for a significant restructuring under the leadership of Czech billionaire Daniel Kretinsky.
Financial Struggles and Debt Increase
The company's debt soared to EUR6.18 billion by the end of December, compared to EUR4.48 billion in 2022. Despite operating over 11,500 stores in France and Latin America, Casino struggled to maintain market share and address its debt burden.
Restructuring Efforts and Consortium Deal
In a bid to address its financial challenges, Casino entered into discussions with creditors to secure liquidity for its operations. A consortium led by Kretinsky, along with banks and creditors, collaborated on a plan to inject equity and reduce the company's debt by EUR6.1 billion.
Path to Recovery and Future Outlook
Following approval from the Paris Commercial Court, Casino anticipates finalizing its restructuring by March 27. With the consortium set to assume control, the company opted not to provide financial guidance for 2024.
The road ahead holds both challenges and opportunities for Casino Guichard-Perrachon, as it navigates through the restructuring process and looks towards a new chapter under new leadership.
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