France: Casino to leave Vietnam in debt reduction programme

In a bid to improve its share price and reassure investors, French retail group Casino has embarked on a debt reduction plan of over €2 billion ($2.18 billion), according to reports in Retail Detail and Lineaires.

The plan will predominantly be achieved through international real estate and disposing of the company’s stores in Vietnam, sources say. Casino turns over €600 million ($655 million) in the country –2.5% of its global turnover – and operates some 31 hypermarkets and 10 convenience stores.

According to Retail Detail, the French retailer is also looking for investors for its shopping centres in Thailand, where the group operates under the banner of Big C, and in Colombia, where it trades under the Exito name.

“Combined with the expected increase in the free cash flow in France after dividends, the debt reduction program will help to significantly improve the financial structure of the group”, the company stated.

Casino expects to find investors in the next 12 months, according to reports.

Source: Retail Detail / Lineaires