Reliance Shuts Down 950 reliance outlets like Big Bazaar Outlets, Lifestyle Stores, Easy Day and Heritage Stores
Reliance Retail has given notification to different reliance outlets like future Group to end the rent of 83 more Future Retail stores and 112 Future Lifestyle stores. New notification were sent a long time after Reliance took north of 200 Future Group stores which it is going to rebrand and open as Reliance stores.
Reliance Retail has given notification to Future Group to end the rent of 83 more Future Retail stores and 112 Future Lifestyle stores amidst the proceeding with question between the three retail organizations specifically, Amazon, Future and Reliance. The new notification have been sent a long time after Reliance took more than 200 Future Group stores which the organization is going to rebrand and open as Reliance outlets. More Future stores get rent end letters
In a trade recording Future Group’s Future Retail Ltd, uncovered that the organization has gotten pink slips from Reliance Group about the sub-rented properties. Future Retail said that it has gotten sees around 342 huge organization stores. These stores incorporate Big Bazaar, Fashion @ Big Bazaar, and 493 little designed stores, for example, Easy Day and Heritage stores of the organization.
“These stores have been generally contributing approx. 55% to 65% of retail income activities of the Company. At this point these stores are not functional for stock and stock compromise,” the organization said in the recording. Future Group’s other organization Future Lifestyle Fashions additionally uncovered that it has gotten pink slips from Reliance for a sum of 112 stores including 34 Central stores and 78 Brand Factory stores of the Company. Previously, a Supreme Court bench with Chief justice NV Ramana in the lead gave Amazon and Future Group time of 12 days to find a possible solution to their continued dispute
Future Group has consistently said that it is speaking with Reliance Group to “keep up with the norm and for shielding the interest of different partners”.
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