INSUBCONTINENT EXCLUSIVE:
Future Group has said that it is facing an acute financial crisisFuture Retail Limited (FRL) has said that it is finding it difficult to
"the shareholders are aware that FRL is going through an acute financial crisis
The company has defaulted on its loan servicing and as already informed, the account of the company has been classified as non performing
The ongoing litigation initiated by Amazon in October 2020, and which is continuing for the last one and a half years, has created serious
impediments in the implementation of the scheme, resulting in severe adverse impact on the working of the company".Future Retail further
informed that it is finding it difficult to finance the working capital needs as "increasing losses at store level is a grave concern and is
Termination notices have been received for significant number of stores due to huge outstanding, and we would no longer have access to such
The company is scaling down its operations which will help us in reducing losses in the coming months..
as stores remained shut on Sunday, after Reliance's bid to take over its flagship supermarkets for missed lease payments, Reuters
reported.Reliance Industries will rebrand the Future stores after the company failed to make payments for them to Reliance, sources told
Reuters on Saturday, closing most outlets of the popular Big Bazaar chain.On February 26, Reliance Industries had taken over the operations
bitter battle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of Reliance
Big Bazaar and replaced them with its brand stores, said sources close to the development.
