Reliance Retail, a subsidiary of Reliance Retail Ventures (RRVL), has issued notices to terminate sub-leases of 947 Future Group’s shops. The firm plans to reopen them after reconciling inventory and stock place and rebranding them.
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Reliance had taken over the shops final month as they had been sub-leased by it to Future which had defaulted on rental funds. Now, all such shops have been closed by Reliance. Once the reconciling of inventory and stock positions is over, the shops can be rebranded throughout classes as Reliance Digital, Reliance Smart and Reliance Fresh (groceries), and Reliance Trends. The shops might begin reopening after possibly a fortnight. Sources stated talks between Future Group and Amazon to discover the potential of an out-of-court settlement over the previous promoting its retail belongings to Reliance Retail might prolong past March 15, the Supreme Court deadline.
Future Retail stated in a regulatory submitting on Thursday that it has acquired termination notices for 342 giant format retail (LFR) shops.
Future Lifestyle Fashions stated it acquired termination notices for 34 ‘Central’ shops and 78 ‘Brand Factory’ shops. fe
