Mukesh Ambani’s Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously. Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
“So far notices have been received in respect of 342 large format stores,” the company said in a stock exchange filing.
Future Lifestyle Fashions said it has received termination notices for 34 ‘Central’ stores and 78 ‘Brand Factory’ stores. Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 crore. The deal couldn’t be closed, as Future’s warring partner Amazon went to courts citing violation of some contracts.
Complete News Source: The Hindu
