Reliance issues sub-leased termination notices to Future Retail stores
11 March 2022, Mumbai:
Reliance Group has issued sub-leased termination notices to 342 large format and 493 small-format stores of Future Retail.
The Group has issued notices to stores including Big Bazaar, Fashion@Big Bazaar (fbb), easyday and Heritage stores of the company.
These stores contributed 55 to 65 percent of retail revenue operations.
ALSO READ: RIL to buy Future Group’s retail assets at original price
Currently, these stores are not operational for stock and inventory reconciliation. Future Retail is in continuous discussion with Reliance Group to maintain the status quo and for safeguarding the interest of various stakeholders.
The ongoing legal feud between Amazon and Future Retail originates from Amazon’s objection to the deal between the Future Retail and the Reliance industries under which Future Retail was supposed to sell its supermarket chain Big Bazaar which is very popular across the whole nation, to Reliance.
Along with Big Bazaar, the company was supposed to sell its sister chain of retail outlets like Brand Factory, Home Town, Central, and all other Reliance Retail.
RELATED ARTICLE Reliance Retail takes over Future Group stores
Join our community on Linkedin
