Reliance takes over operations of two hundred Future Group’s stores.
Reliance Industries is within the method of transferring over 30,000 Future Retail and Future lifestyle workers and has conjointly taken two hundred Future cluster stores that are currently being re-branded as Reliance stores, in line with a supply within the recognize.
The supply aforesaid that in 2020 landlords had begun to terminate the lease agreements with Future cluster and several other landlords approached Reliance Industries and also the lease for those stores was signed with the Mukesh Ambani-run company and were then sub-leased to Future group. The debt-ridden chain has over 1,700 stores across numerous brands, that embody Big Bazaar, fbb, and Central.
In an exchange filing, Future Retail aforesaid that it received termination notices for a vital range of stores because of large outstanding dues, and it might now not have access to such store premises.
“The company is lowering its operations which can facilitate the U.S.A. in reducing losses within the coming back months.
The report comes simply each day when Future Retail aforesaid it had been lowering its operations to scale back losses because it expands online and through home delivery. The merchant, with brands as well as big Bazaar and fbb, has defaulted on service its loans and its lenders have classified its accounts as non-performing assets.
Future Retail has lost 44.45 billion rupees ($593 million) within the last four quarters.