French supermarket group Casino said Wednesday it would axe between 1,300 and 3,200 jobs as part of a reorganisation following its recent takeover led by Czech billionaire Daniel Kretinsky.
The group said it would consult with unions and other social partners on May 6 to unveil plans to safeguard most of the nearly 30,000 people it employs in France.
Casino, which lost 5.7 billion euros in 2023, is to sell off hundreds of super- and hypermarket stores across France.
Saint Etienne mayor Gael Perdriau said he expected to meet the new management team soon "to consolidate the group's presence" in the eastern-central city.
The latest job losses come as the Saint Etienne-based group moves on from the three-decade reign of Jean-Charles Naouri.
Kretinsky arrived at the head of a group of main creditors who oversaw a debt restructuring deal in March.
Restructuring its operations to emerge from its debt mountain has forced Casino to sell off most of its larger-format shops to rivals Intermarche, Auchan and Carrefour. But the group will keep operating its Monoprix and Franprix chains.
Net group debt now stands at 1.6 billion euros as at the end of March compared with 6.2 billion at the end of last year.
Up until the end of 2022, Casino employed some 200,000 people worldwide and 50,000 in France. Today that is down to 28,212, the vast majority of those jobs in France.
CEO Philippe Palazzi said in a statement that "this transformation project" would play a key role in putting Casino back on an even keel.
Wednesday also saw Casino unveil consolidated net sales of 2.1 billion euros for the first quarter of this year, down 4.6 percent on the same quarter last year. Monoprix accounted for around half of that with a 1.1 billion euros share.
Casino itself saw its share slide 2.4 percent to 349 million euros.
Casino also announced an unusually long, 10-year purchasing alliance with rivals Intermarche and Auchan to "maintain and develop long-term partnerships with the agricultural world and French industrial players".
Shares in the group ended down 0.3 percent mid-afternoon at 0.030 euros.
Casino, which will hold its annual general meeting on 11 June, plans to consolidate its shares by then by exchanging 100 ordinary shares with a nominal value of 0.01 euros for 1 new share with a value of 1 euro.
