French retail group Casino, controlled by Czech billionaire Daniel Křetínský through France Retail Holdings (FRH), has announced the start of a second debt restructuring process less than two years after the previous one. The majority shareholder holding company has begun discussions with creditors to restructure the €1,4 billion debt maturing in March 2027, marking a new chapter in the retailer's complex recovery.
FRH has stated that it is ready to secure a €300 million capital increase, subject to reaching an agreement with its creditors. The plan aims to be completed by the end of the second quarter of 2026 and, if approved, would represent Casino's second restructuring in less than two years.
The previous financial restructuring, completed in March 2024, had allowed the group to avoid bankruptcy thanks to the entry of the consortium led by Křetínský. But the legacy of debt generated by years of aggressive acquisitions under Jean-Charles Naouri's management continues to weigh on a company that had come close to default in 2023.
The new negotiation framework envisages a reduction in the nominal value of the loan from €1,4 billion to €800 million and a cut in the interest rate from 9% to 6%. If the transaction and the associated capital increase are successful, FRH would increase its stake in Casino to approximately 68%, up from the current 40%, assuming the other shareholders do not participate in the transaction.
Meanwhile, the new management is trying to revitalize a group currently ranked seventh in France by market share, focusing on a leaner model. The strategy includes staff cuts, the sale of the most loss-making stores, and strengthening the local urban network through the Monoprix and Franprix brands.
At the same time, Casino updated and extended its turnaround plan to 2030. The group plans €1,7 billion in net investments between 2025 and 2030, aiming to achieve a gross merchandise volume (GMV) of €15,8 billion by the end of the period. Further synergies and savings of over €150 million are also expected between 2029 and 2030, confirming a turnaround that will continue to require time, capital, and market confidence.
