She is the historical figure of French capitalism retreating through the back door. As of Wednesday March 27, Jean-Charles Nouri, 75, will no longer be the owner of Casino Group, nor its CEO. Some still refuse to believe, convinced that a final turn is possible, that the illusionist will let the rabbit out of his cart as he has done so many times in the past… Others hold their breath, but not their condemnation.
“The end was inevitable for a building that, over the years, had become Calais Les. Whether it was the accumulation of crises – “yellow vest”, pandemics, rising interest rates, inflation – that led to the decline. The smokescreen covering the troubles was very thick, but from the inside it looked better.”Underlines a former casino staff member who requested anonymity, as did dozens of former managers interviewed. world: Because, despite being defeated, Mr. Nouri is still scary…
On Wednesday, at the end of a massive financial restructuring, a consortium led by Czech businessman Daniel Kretynsky, linked to Fimalec founder Marc Ledret de Lechrier and British debt fund Attestor, will recover 52% of the casino’s capital, in exchange for a contribution of 925 million euros. As a result of the massive reduction, Rallye – the parent company of the casino controlled by Mr Nouri – will see its stake reduced to 0.1%. “The Mozart of Finance has become the Sparrow of Finance”A representative of Monoprix’s CGT quips bitterly, in a video published on X. “And today, it is we, his employees, who must pay his debt”While the social plan is awaited.
Cascading Holdings
The group, now almost reduced to its French brands such as Monoprix, Franprix, Petit Casino, Vival and Cdiscount, employed around 44,000 employees at the end of 2023, before the sale of its hypermarkets and supermarkets in France, further narrowing the hexagon. Workforce over 28,200 people. In late 2015, at the height of its power, the empire built by the “Napoleon of the gondola” stretched from Vietnam to Brazil, employing more than 325,000 people.
After barely starting, the former director of Pierre Beregovoy’s office at the Ministry of Finance, Economy and Finance (1984-1986), was able to rely on his brains and his network to grow through acquisitions.
In order to finance these operations without losing majority control of his group, he was inspired by the cascade holding company model – called “Breton Pulley” By Vincent Bolloré – Minority Investors and Allowing Debt Stacking. This debt eventually led to Mr Nouri’s downfall, but not without a painful struggle.
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