Cash-strapped retailer Casino swung to a loss of 233 million euros ($258.5 million) for the first half as falling sales and price cuts at its hypermarkets and supermarkets dented its core French business.
A customer shops in a Casino supermarket in Nice, France, January 15, 2019. REUTERS/Eric Gaillard/file photoPARIS, July 27 - Cash-strapped retailer Casino
Kretinsky's rescue plan would bring an end to the 30-year reign of Casino CEO and controlling shareholder Jean-Charles Naouri at a time when France's traditional retail sector is adapting to the rise of e-commerce and hard-discount supermarket chains. The French retailer's group operating loss came after a profit of 166 million euros in the first half of 2022, with its operations in France posting a loss of 299 million euros.
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