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© Reuters. FILE PHOTO: The brand of French retailer On line casino is pictured exterior a On line casino grocery store in Nantes, France, July 27, 2023. REUTERS/Stephane Mahe/File Picture
PARIS(Reuters) – Debt-laden retailer On line casino’s consolidated internet losses deepened sharply to five.7 billion euros ($6.2 billion), it stated on Wednesday, hit by its restructuring and working losses at its massive hypermarkets within the face of stiff competitors.
On line casino, which posted a 316 million euro consolidated internet loss the earlier yr, stated it won’t publish a revised 2024 outlook in view of the corporate’s imminent change of management.
The brand new management staff might be shaped round Czech billionaire Daniel Kretinsky after the corporate was dropped at the brink of default by years of debt-fuelled acquisitions and lack of market share to rivals.
The Paris Commerce courtroom on Monday accredited Kretinsky’s bailout plan for On line casino below an accelerated safety process.
On line casino has already reached agreements with French rivals on the sale of 288 supermarkets and hypermarkets in France, leaving it with upmarket model Monoprix and its Franprix shops in metropolis centres.
On line casino stated that in view of that disposal course of and the remedy of those companies as discontinued, final November’s core revenue projections for the French operations are now not legitimate.
Internet monetary debt at finish of December 2023 was 6.2 billion euros, in opposition to 4.5 billion euros at finish December 2022.
($1 = 0.9242 euros)
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