Reliance terminates lease for 835 stores: Future Retail

One of the listed entities of Future Group, Future Retail Ltd. (FRL), said in a late-night exchange filing that they have received termination notices from the Mukesh Ambani-owned conglomerate Reliance Group with regards to sub-leased properties. 

Future Retail stated that it has received notices for 835 stores – 342 large format and 493 small-format stores. Its large format stores include Big Bazaar and Fashion @ Big Bazaar (fbb) while the small-format stores comprise Easy Day and Heritage stores.

“So far, notices have been received in respect of 342 large format stores [such as Big Bazaar, @ Big Bazaar (fbb)] and 493 small-format stores (such as Easy Day and Heritage stores) of the company," FRL said in the exchange filing.

“These stores have 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, another listed entity of Future Group – Future Lifestyle Fashions (FLF) – also said in a filing that it has also received termination notices from the Mukesh Ambani-backed conglomerate with regards to 112 stores – 34 outlets of Central and 78 Brand Factory stores of the company.

“These have been historically contributing approx. 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," FLF added in its exchange filing, 

Both these filings also noted that the company is in a discussion with Reliance Group to “maintain status quo and for safeguarding the interests of various stakeholders.”