Future Retail Suspends Supermarket Operations As Reliance Plans Takeover
NDTV
Reliance Industries Limited will rebrand the Future stores after the company failed to make payments for them to Reliance
Future Retail Limited, India's second-largest retailer, suspended most of its online and offline operations as stores remained shut on Sunday, after rival Reliance bid to take over its flagship supermarkets for missed lease payments.
Reliance Industries Limited will rebrand the Future stores after the company failed to make payments for them to Reliance, sources told Reuters on Saturday, closing most outlets of the popular Big Bazaar chain.
Though Future has more than 1,700 outlets, all the 200 stores that Reliance will rebrand as its own will be Big Bazaars, which was started around two decades ago by Kishore Biyani, dubbed as India's retail king for transforming the sector.
Future and Reliance did not respond to requests for comment. Future told stock exchanges on Saturday the company was "scaling down its operations."
