Future receives sub-lease termination notices from Reliance Industries Limited for 835 stores
Future Group informed the Indian stock exchanges that it had received sub-lease termination notices from Reliance Industries Limited.
“As of now, these stores are not operational for stock and inventory reconciliation,” said Future Group in a statement, TNN reported. “The company is in continuous discussion with Reliance Group to maintain status quo and for safeguarding the interest of various stakeholders.”
Of the 835 stores which received the sub-lease termination notices, 342 are large format stores such as Future’s Big Bazaar chain of value fashion and lifestyle stores. A further 493 stores are small-format outlets including Future’s Heritage and Easyday chains.
As of March 6, Reliance Industries Limited had taken control of operations of around 200 Big Bazaar stores. The business had plans to seize another 250 of Future's retail outlets, Reuters reported. As the total of seized stores continues to rise, many Future Group-owned store employees have been left without a clear answer concerning the fate of their jobs.
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