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Future Retail, Retail News, ET Retail

Scaling down operations because of mounting losses: Future RetailKishore Biyani-led Future Retail has begun scaling down its operations due to shortage of funds.

“The scaling down will help in reducing losses in coming months,” the company has said. The company is finding it difficult to finance working capital needs, and “losses are mounting,” it added.

Bank accounts of Future have been classified as non-performing asset by its lenders.

The long-stop date for its deal with Reliance Industries has also been extended to September 30, 2022.

This comes after news that Reliance had taken over operations of Future Retail stores and offered jobs to employees.

Future is locked in a bitter battle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of the oil-to-telecom conglomerate.

Reliance Retail has started to take possession of the premises in which Future Retail is operating its stores such as Big Bazaar and replaced them with its brand stores, said sources close to the development. It has also started to offer jobs to employees of Future Retail stores and bring them on Reliance Retail’s payroll, they added.

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