/ground-report/media/post_banners/wp-content/uploads/2022/06/Source-unsplash-2022-06-08T184000.120.jpg)
Reliance Retail is still in the process of opening the supermarkets it took over from the Future Group in February. It had taken control of 947 stores and planned to reopen them within 45 days. While some stores operate under the banner of Smart Bazaar, a grocery retail outlet of Reliance Retail, others remain closed as the conglomerate has yet to make a decision on the viability of its business.
India's second-largest retailer Future Retail Limited or FRL suspended most of its online and offline operations after Reliance took over at least 200 of its stores due to missed lease payments. Reliance Industries Limited or RIL will rename the stores as FRL could not afford them, thus closing most outlets of the famous Big Bazaar chain.
Over 260 Big Bazaar stores and FBB stores are taken over by Reliance Ltd due to non-payment of debt from the permanently closed Big Bazaar store.
The Big Bazaar is closed in India even in the metropolises where people were crazy about it. Big Bazaar closed in Bangalore, Kolkata, Mumbai, Delhi and Kolkata, only a few stores are operational
Reliance Retail, the retail arm of the oil-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of Future Group for â‚ą24,713 crore, but the deal could not be concluded as Future's warring partner Amazon went to court for breaching certain contracts.
Sources said several landlords had approached Reliance because Future Retail Ltd (FRL), which is in the throes of deep losses, was unable to pay the rent.
Future has over 1,700 outlets, including popular Big Bazaar stories, and has not made lease payments for some of its outlets. Faced with the closure, Reliance transferred the leases of some stores to its subsidiary, RRVL, and sub-leased them to Future to operate the stores.
Over time, the Mukesh Ambani Group has shifted from its historical oil and gas business to retail and telecommunications as its primary focus. In this battle of the biggies, Kishore Biyani - the second largest retailer and the man who built the organized retail footprint with brands such as Big Bazaar, Pantaloon and E Zone - is sandwiched and bleeding, and look for an exit.
You can connect with Ground Report on Facebook, Twitter, Instagram, and Whatsapp and Subscribe to our YouTube channel. For suggestions and writeups mail us at [email protected]Â
Funds requested for climate disasters increase by 800%
Flood threat in Kashmir may increase due to increase in monsoon rains
Less air pollution will increase agricultural production by 8% in India: Study
