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Reliance Issues Termination Notice to 947 Future Group Stores

Future Group has got termination notices for 947 stores from Reliance. The company received termination notices on 7th and 8th March for 342 Big Bazaar and fbb outlets, 493 small-format stores, including easy day and heritage stores, Future Retail said in a stock exchange filing. Future Lifestyle has also received a termination notice for 78 Brand Factory stores and 34 major stores, contributing 55 to 65 per cent of the company’s retail revenue. Future Group also said that it was in talks with Reliance Group for keeping the status quo and safeguarding the interest of different stakeholders.

Reliance Group is also bringing 30,000 Future Group employees under its payroll and Reliance SMSL. Future Retail and Future Lifestyle had not paid lease rentals to Reliance Industries. To continue its business, it expanded working capital support. Future Retail has been able to pay statutory dues, interest and one-time settlement amount to banks and continue its business operations.

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