FRANCE - Carrefour is strengthening its hold on the French retail sector. The chain recently announced that it has entered into exclusive negotiations with Groupe Intermarché to acquire 31 stores.

The stores cover approximately 94,000 square meters or 0.3 percent of the food retail space in France, a press release explained. The 31 stores generated sales of around €400m million (approximately $435 million USD) in 2022, showing strong opportunities for success as Carrefour takes over these locations.

The value of the acquisition is not material, the release stated. Under the terms of the deal, Carrefour will substitute Intermarché for the purchase of 26 stores from Casino, while the remaining five stores will be acquired directly from Intermarché.

While acquiring all the business assets, Carrefour has committed to maintaining all employees working in the stores and their social benefits for a minimum period of 15 months.

The transaction is subject to the usual conditions precedent, notably the authorization of the French antitrust authority; closing is expected in the second quarter of 2024. To read more about the deal, click here.

And for the latest retail news, keep clicking on AndNowUKnow.