PARIS (Reuters) – French retailer Casino, battling investor concerns over its high debt, vowed to boost profits and cash flow in its core French market and sell off more assets under a three-year strategy plan.
FILE PHOTO: A customer shops in a Casino supermarket in Nice, France, January 15, 2019. REUTERS/Eric Gaillard/File Photo
Investors initially welcomed the plan before some concerns over Casinos cash flow weighed on Casinos shares.
Along with domestic peers such as Carrefour and Auchan, Casino faces intense price competition in its home market as well as challenges from online players such as Amazon.
The company, which had its credit rating cut to junk by Standard & Poors in March 2016, has embarked upon asset sales to reduce its d…
Read the full article at: https://www.reuters.com/article/us-casino-results/casino-to-pursue-asset-sales-to-help-cut-debt-idUSKCN1QV0M9