New Delhi: Future Retail has received termination notices in respect to 835 sub-leased properties on Wednesday from Mukesh Ambani-owned conglomerate Reliance Group. In a late-night filing, the company informed the bourses about the termination notices regarding 342 large and 493 small format stores, according to publication Mint report.
The large format stores include Big Bazaar and Fashion @Big Bazaar (fbb) and the small-format stores comprise Easy Day and Heritage stores.
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“So far, notices have been received in respect of 342 large format stores [such as Big Bazaar, Fashion @ Big Bazaar (fbb)] and 493 small format stores (such as easyday and Heritage stores) of the company," according to the company’s exchange filing as cited in the Mint report.
“These stores has been historically contributing about 55 per cent to 65 per cent of retail revenue operations of the company. As of now, these stores are not operational for stock and inventory reconciliation. The company is in continuous discussion with Reliance Group to maintain status quo and for safeguarding the interest of various stakeholders," the filing further added.
Meanwhile, Future Group companies are going to convene meetings of their respective shareholders and creditors between April 20 and April 23, 2022 over their approval for the proposed Rs 24,713 crore deal with Reliance Retail.
Future Group entities listed in exchanges such as Future Consumer have already informed the exchanges about the meetings.
Reliance Retail will go ahead in taking over over the operations of at least 300 stores of Future Retail and giving jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords.
The tribunal had also rejected the plea of e-commerce major Amazon, which is contesting Future Group's deal with Reliance Retail, part of oil-to-telecom conglomerate Reliance Industries.