Future Retail Ltd, India’s second-biggest retailer, suspended the vast majority of its online and offline operations as stores stayed shut on Sunday after rival Reliance bid to assume control over its flagship supermarkets for missed rent installments.
According to a source, Reliance Industries Ltd will rebrand the Future stores after the organization neglected to make installments for them to Reliance, shutting most outlets of the famous Big Bazaar chain.
However Future group has over 1,700 outlets, every one of the 200 stores that Reliance will rebrand as its own will be Big Bazaars, which was begun around twenty years prior by Kishore Biyani, named as India’s retail lord for changing the area.
“We regret to inform you that currently stores are non-operational for 2 days,” Big Bazaar Tweeted.
Given the Reliance-Amazon dispute in regards to the Indian conglomerate’s stalled $3.4bn takeover of Future Retail, this move is supposed to be of importance. A legal advisor acquainted with the case said that Reliance’s takeover of stores will disturb Amazon’s arrangements as the latter has a minimal legitimate plan of action since store landlords freely gave the leases to Reliance.
