before the court’s opinion on Casino, the unions’ concern about future buyers

The Paris commercial court is due to render its decision on Monday on the rescue plan for the group which is facing major difficulties. But employee representatives remain very cautious.

The list of questions is still as substantial… and the answers as vague as ever. The Paris commercial court is due to deliver its decision on Monday February 26 on the rescue plan for the struggling distributor Casino, which has been the subject of unfavorable opinions from employee representatives and the public prosecutor, but has no alternative.

In the event of a green light, the group, which is drowning in seven billion euros of debt, will be able to officially change shareholders, which will also mark the sale of 288 stores, hypermarkets and supermarkets to Intermarché, Auchan and Carrefour. But if the court rejects this plan, Casino will cease payments.

“Political issue”

The stakes are particularly high: so much so that the court had postponed the two previous hearings until Monday, the latest deadline. But the social aspect of the safeguard plan is still considered insufficient by the unions, who estimate that 6,000 employees are threatened. Worse: according to them, nothing has progressed for two weeks. Exactly how many positions will be eliminated? What reclassifications? What compensation? What guarantees for the 16,000 employees who will change brands? Here is the list of questions still unanswered. Enough to make an employee representative say: “At best, they take us for idiots, at worst, they are incompetent“.

“It’s too early to negotiate“, however, respond the future buyers, who assure us: “We want to do better than the strict legal minimum“, but also preserve the historic headquarters of the group, founded in Saint-Etienne.

On the other hand, everyone agrees on one point: the court will most certainly validate this safeguard plan, even imperfect, to prevent Casino from being liquidated and the disappearance of 50,000 jobs. It is “that there is a political issue here” goes so far as to say an actor close to this matter. The future of the casino and its employees is in fact closely monitored by the government. The change of shareholders, which must take place in the spring, and the sale of the 288 stores should make it possible to bring around 2 and a half billion euros to Casino, according to the future buyers.