Reliance Retail nixes sub-lease of 947 Future stores
Reliance Retail, a subsidiary of Reliance Retail Ventures (RRVL), has issued notices to terminate sub-leases of 947 Future Group’s stores. The company plans to reopen them after reconciling stock and inventory position and rebranding them.
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Reliance had taken over the stores last month as they were sub-leased by it to Future which had defaulted on rental payments. Now, all such stores have been closed by Reliance. Once the reconciling of stock and inventory positions is over, the stores would be rebranded across categories as Reliance Digital, Reliance Smart and Reliance Fresh (groceries), and Reliance Trends. The stores may start reopening after maybe a fortnight. Sources said talks between Future Group and Amazon to explore the possibility of an out-of-court settlement over the former selling its retail assets to Reliance Retail may extend beyond March 15, the Supreme Court deadline.
Future Retail said in a regulatory filing on Thursday that it has received termination notices for 342 large format retail (LFR) stores.
Future Lifestyle Fashions said it received termination notices for 34 ‘Central’ stores and 78 ‘Brand Factory’ stores. fe