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France's Casino supermarket chain has announced plans to reduce its workforce by between 1,300 and 3,200 jobs following its recent acquisition by Czech billionaire Daniel Kretinsky, Angela Barnes reported for Euronews.
Casino plans to refocus its business on convenience stores while implementing measures to safeguard the majority of its employees. I Photo: Donne Alvita Wikimedia Commons
The decision to cut jobs aims to improve the financial performance of the company, which has been facing significant challenges. In addition to job cuts, Casino plans to refocus its business on convenience stores while implementing measures to safeguard the majority of its employees.
Despite the workforce reduction announcement, investors responded positively to the company's plans, leading to a rise in its stock value.
Casino also outlined its strategy to modernize its stores through a €1.2 billion investment by 2028.
The company has been restructuring its operations to address its debt and has sold off most of its larger-format shops to competitors. However, it remains committed to operating its Monoprix and Franprix convenience store chains.
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