Casino's parent Rallye in exclusive talks to sell Go Sport

Enterprise

10/03/2021 11:47

PARIS, March 10 (Reuters) - Rallye  GENC.PA , the indebted
parent of French retailer Casino  CASP.PA , said on Wednesday it
has entered into exclusive talks to sell sports equipment unit
Go Sport to French property group Financiere Immobiliere
Bordelaise (FIB).
    If the deal goes trough, it will see Rallye sell Go Sport
for a symbolic one euro, without giving any liability warranty,
the statement said. The sale could be completed before end-June.
    Go Sport, a company Rallye bought in 1990, employs around
2,000 people and generated revenue of 625 million euros 
($743.06 million) in 2019.
    In March 2020, the Paris Commercial Court approved safeguard
plans for Casino's parent companies Rallye, Fonciere Euris
 LOEX.PA , Finatis  LINP.PA  and Euris, whose combined debts
stood at 3.3 billion euros.
    The safeguard plans involve the re-scheduling of debt over
10 years from 2023.
    The Go Sport sale depends the consultation of employee
representatives and approval by antitrust authorities.
 

($1 = 0.8411 euros)

 (Reporting by Dominique Vidalon, editing by Louise Heavens)
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))