Reliance Industries has effectively taken over the operations of Future Retail’s stores and offered jobs to its employees, even as the group led by Kishore Biyani is locked in a bitter battle with e-commerce giant Amazon over the sale of its business to the retail unit. Multiple court forums of the Petro-Telecom Group.
Sources close to the development said Reliance Retail has begun taking ownership of the premises where Future Retail operates stores such as Big Bazaar and replacing them with its branded stores. It has also started offering positions for future retail store employees to include them on Reliance Retail’s payroll, they added.
With Future unable to make payments, Reliance decided to operate and rename about 200 stores that would have closed, they said.
In a statement to the Indian exchange, Future said it had “received termination notices for a large number of trades” which it “will no longer be able to obtain”.
Complete News Source : ECONOMICTIME
