Casino Shares, Bonds Point to Woe for Naouri Grocery Empire

Rallye shares lose a third of value in week on debt concern
Casino bonds tumble after weak 2022 results, bank overdrafts

A Casino supermarket, operated by Casino Guichard Perrachon SA, in Marseille, France.
Photographer: Theo Giacometti/Bloomberg

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By Julien Ponthus, Irene Garcia Perez, and Giulia Morpurgo

March 24, 2023 at 2:21 PM UTC

Updated on

March 24, 2023 at 3:13 PM UTC

This article is for subscribers only.

Jean-Charles Naouri has defied skeptics for years by keeping control of his debt-fueled French grocery empire even as sales slumped and competition mounted. Investors are growing more convinced than ever that time is running out for the supermarket titan.

Shares of the company Naouri runs, Casino Guichard-Perrachon SA, plunged to a fresh record low Friday after Moody’s cut its long-term debt rating further into junk territory. Casino’s bonds also tumbled, and stock in the main investment vehicle through which Naouri controls the business, Rallye SA, lost a third of its value this week.