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India's Future Group gets termination notice for 947 sub-leased stores

11 Mar 22 1 min read

India’s Future Group recently received termination notices for 947 stores it had sub-leased from entities of Reliance Industries Ltd (RIL). The stores include 342 Big Bazaar and Fashion @ Big Bazaar outlets and 493 small format stores, including easyday and Heritage stores, Future Retail said in a stock exchange filing.

These stores have been contributing 55-65 per cent of retail revenue operations of the group. Future Lifestyle has also received termination notice for 78 Brand Factory stores and 34 central stores.

The Future Group said it was in talks with the Reliance Group for maintaining status quo and safeguarding the interest of various stakeholders, according to Indian media reports.

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Reliance has 1,100 supermarkets, while Future has around 1,500. Both are expanding fast into e-commerce.

The bitter legal dispute in which Amazon has sought to block Reliance's planned $3.4 billion purchase of Future Group's retail assets is currently before India's Supreme Court.

Fibre2Fashion News Desk (DS)

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