French supermarket retailer Casino has signed pledges to sell three of its Geant Casino hypermarkets for 42 million euros ($46.8 million) as it seeks to reduce debt.
Casino has been struggling to improve profits in a tough business climate and faced concerns over its ability to generate enough cash to also pay off the debts of parent holding company Rallye .
In May Casino Chairman and Chief Executive Jean-Charles Naouri placed Casino’s parent companies, including Rallye, under protection from creditors.
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