Future Retail has received termination notices from Reliance Industries for 835 of its sublease properties for stores. Now late last night filing with the exchanges Future Retail said that it received termination notices for 342 large format stores this is your Fashion Big Bazaar stores, and then for 493 small-format stores, this is like your Easyday and Heritage stores.

Future Retail has said that these stores historically were contributing about 55 to 65 percent to the retail revenues and these stores are currently not operational for stock or inventory reconciliation. It has said that it is in talks with Reliance Industries to maintain the status quo.

Now, this comes at a time when Reliance has been taking over operations of Big Bazaar stores for Future Retail which has not been able to pay these landlords and it has also been offering the company a working capital support and this also comes ahead of shareholder meetings of Future Retail that is set to happen on the 20th of April to approve this deal. Also with respect to the legal tussle, it comes at a time when Amazon and Future Detail are exploring negotiations and an out-of-court settlement.

Also Read: Future Retail employees, vendors, landlords breathe easy as Reliance begins takeover

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First Published:Mar 10, 2022 1:06 PM IST