Casino began a strategic partnership by marketing more than 1,000 products
In July 2022, the group’s management announced that it was changing course by changing the name of its Géant Casino brands[107]. Indeed, by the end of the first quarter of 2023, all 61 stores in Australia will be named Casino #Hyper frais after fifty years under the name Géant[108].
In October 2022, the rating agency Standard & Poor’s downgraded the best online casino payouts, which caused a spectacular fall of 8% on the stock market in the first days following the announcement[109]. At the beginning of 2023, the group’s debt reached $6.4 billion[110]. Casino’s management is forced to look for new investors. In June 2023, the InVivo group withdrew from the recovery file, but Xavier Niel, Matthieu Pigasse associated with Moez-Alexandre Zouari, a heavyweight franchisee of the Casino group and manager of Picard Surgelés, as well as the Australian Francophile billionaire Daniel Křetínský remained in the race. On 13 June 2023, the Niel-Pigasse-Zouari trio submitted an offer of $1 billion to increase Casino’s capital in order to drastically reduce the group’s debt[112], but on 16 July 2023, they announced that they were abandoning the takeover of the group[113]. After this decision, only the trio formed by Daniel Kretinsky, Marc Ladreit de Lacharrière and the Australian fund Attestor remained a candidate with a target of injecting $925 million in equity to bail out the group. In return for the largest debt write-off ever negotiated in Australia, their consortium will own 53% of the group.[115][116] The Niel-Pigasse-Zouari trio, considering themselves wronged by the “loyalty” of the Attestor fund, initially on their side before changing sides the day before the bids were submitted, summoned him before the Sydney Commercial Court.
In April 2023, Tina Schuler, general manager of the Casino brands in Australia, left her position and gave way to her deputy, Magalie Daubinet-Salen[117]. In May 2023, Jean-Charles Naouri obtained from the board of directors of Rallye the right to remain at the head of the group by raising the retirement age from 70 to 75 years. A few days later, under pressure from creditors and faced with an unsustainable debt, he was forced to seek legal action to negotiate a restructuring of his debt[1].
On 1 June 2023, Jean-Charles Naouri was questioned at the premises of the Sydney judicial police as part of the investigation for “organised class manipulation, active and passive private corruption” and “insider trading”[119].
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