01 March 2022, Mumbai:
Future Retail has started scaling back operations as it faces a severe shortage of funds. Future Retail’s bank accounts have been classified as non-performing assets by the company’s lenders.
The scaling down will help in reducing losses in coming months Reliance Retail recently took over the operations of Future Retail’s brick-and- mortar stores including its Big Bazaar chain. Following the takeover, Reliance offered jobs to the Future Retail employees to bring them onto Reliance Retail’s payroll.
ALSO READ: Future Retail had a net loss of Rs 1,063 crore in the third quarter
The long-stop date for Future Retail’s planned deal with Reliance Industries has been extended until September 30, 2022 as Future’s legal battle with Amazon continues to wage on.
Amazon is attempting to block Future Retail from holding a shareholders meeting to discuss its proposed Reliance Industries deal and has taken the case to the Delhi High Court and National Company Law Tribunal.
RELATED ARTICLE: Future Retail's Q3 FY22 results
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*Figures mentioned in the above article have been sourced from ET Bureau & Fashion Network article.
