Home / Companies / News /  Reliance Industries terminates lease for 835 stores: Future Retail

Future Retail in a late-night filing has informed the bourses that it has received certain termination notices in respect of sub-leased properties from Reliance Group. The company said that it has received notices for 342 large format stores and 493 small-format stores.

“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," the company said in the exchange filing.

“ These stores has been historically contributing approx.55% to 65% 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 would convene meetings of their respective shareholders and creditors between April 20 and April 23, 2022 to get their approval for the proposed 24,713 crore deal with Reliance Retail.

Listed Future Group entities such as Future Consumer Ltd updated the exchanges about the dates of the meetings.

The deal would go ahead amid Reliance Retail taking over the operations of at least 300 stores of Future Retail and offering jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords.

The Mumbai bench of the National Company Law Tribunal (NCLT) had on February 28 given its go-ahead for convening meetings of shareholders and creditors of respective Future Group companies.

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.

The NCLT, in its 16-page order, has directed the meetings of the shareholders of six companies to be held on April 20, 2022.

The companies are -- Future Consumer, Future Lifestyle Fashions, Future Market Networks, Future Retail, Future Supply Chain Solutions and Future Enterprise Ltd.

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