French supermarket retailer Casino Guichard Perrachon SA said that its U.S. unit, Smart & Final Inc., has raised $59 million from the sale of foodservice operations in separate deals in Florida and California. In a statement, Casino said that as well as taking in the proceeds from the previously announced transactions, Smart & Final passed on $25 million in real estate commitments to the buyers. Smart & Final operates more than 170 cash-and-carry stores in California, Arizona, Nevada, Florida and Northern Mexico and the struggling foodservice sector has weighed on its financial performance. Stockton, Calif.-based Smart & Final said Aug. 19 that it had agreed to sell foodservice operations in California to Sysco Corp. It announced a separate deal on the sale of Florida foodservice operations Aug. 8.
COPYRIGHT 2003 Sparks Companies, Inc.
COPYRIGHT 2003 Gale Group