Daily Expert News
No Result
View All Result
Monday, May 23, 2022
  • Login
  • Register
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Daily Expert News
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
No Result
View All Result
Daily Expert News
No Result
View All Result
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories

“Going through acute financial crisis,” says Future Retail

by Nick Erickson
February 27, 2022
in Uncategorized
132 1
0
NDTV News
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
ADVERTISEMENT


ADVERTISEMENT

Future Group has said it is facing an acute financial crisis

Future Retail Limited (FRL) has said it is difficult to finance its working capital requirements as it is going through an acute financial crisis.

The concerned retail major said in a statement that “shareholders are aware that FRL is experiencing an acute financial crisis. The pending lawsuits filed by Amazon in October 2020 and which have continued for the past year and a half have created serious impediments to the implementation of the scheme, with serious adverse consequences for the operation of the company”.

Future Retail went on to say that it is difficult to fund working capital needs as “increasing store-level losses are a major concern and create a vicious circle where larger operations lead to higher losses”.

“The company has made a loss of Rs 4,445 crore in the past four quarters. Cancellation notices have been received for a significant number of stores due to huge outstanding amounts, and we would no longer be able to access such retail operations that will help us reduce of losses in the coming months…

Previously, Future, the country’s second-largest retailer, suspended most of its online and offline operations because stores remained closed on Sunday, following Reliance’s bid to acquire its flagship supermarkets for missed lease payments, Reuters reported.

Reliance Industries will rename Future stores after the company failed to pay for them to Reliance, sources told Reuters on Saturday, closing most of the outlets of the popular Big Bazaar chain.

By February 26, Reliance Industries had taken over the operations of Future Retail stores and offered jobs to its employees.

This development came even as the Kishore Biyani-led Future Group has been embroiled in a number of court forums in a bitter battle with major e-commerce giant Amazon over the sale of its company to the retail arm of Reliance Industries.

Meanwhile, Reliance Retail has begun to take possession of the property in which Future Retail operates its stores, such as Big Bazaar, and has replaced it with its branded stores, sources close to the development said.

ADVERTISEMENT
Tags: acutecrisisDailyExpertNewsFinancialFutureRetail

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Related Posts

SC Releases Notice In Plea Challenging New Exam Pattern For NEET SS 2022
Education & Career

SC Releases Notice In Plea Challenging New Exam Pattern For NEET SS 2022

May 23, 2022
NDTV News
World

Otofacial syndrome left Chicago’s Joseph Williams jawless, he refused to give up

May 23, 2022
Please Click on allow
Sports

Indian Premier League 2022 – “See Zaheer Khan and Ashish Nehra do that…”: Virender Sehwag Praises Young Indian Pacer | Cricket News

May 23, 2022
NDTV News
Hot News

“It’s Not A Joke”: Airbnb host in Dublin gives up a tent for almost Rs 5,800 a night

May 23, 2022
Biden says US military would defend Taiwan if China invaded
Politics

Biden says US military would defend Taiwan if China invaded

May 23, 2022
Our Jabeur stunned by Magda Linette in first round French Open
Tennis

Our Jabeur stunned by Magda Linette in first round French Open

May 23, 2022
  • Trending
  • Comments
  • Latest
Live updates: Russia invades Ukraine

Ukraine pledges ‘immediate investigation’ after video surfaced of soldiers shooting Russian prisoners

March 28, 2022
An Anaconda's Playdate With Dolphins Took a Strange Turn

An Anaconda’s Playdate With Dolphins Took a Strange Turn

May 2, 2022
'Better Call Saul' Season 6, Episode 2: Do the Hustle

‘Better Call Saul’ Season 6, Episode 2: Do the Hustle

April 19, 2022
And now the $200,000 facelift

And now the $200,000 facelift

May 3, 2022

Hello world!

0
NDTV News

IT startup Fareye aims to change Unicorn within a year, founder says

0
How did Stephanie Murphy, a holdout on Biden's agenda, help save it?

How did Stephanie Murphy, a holdout on Biden’s agenda, help save it?

0
How did Stephanie Murphy, a holdout on Biden's agenda, help save it?

How did Stephanie Murphy, a holdout on Biden’s agenda, help save it?

0
SC Releases Notice In Plea Challenging New Exam Pattern For NEET SS 2022

SC Releases Notice In Plea Challenging New Exam Pattern For NEET SS 2022

May 23, 2022
NDTV News

Otofacial syndrome left Chicago’s Joseph Williams jawless, he refused to give up

May 23, 2022
Please Click on allow

Indian Premier League 2022 – “See Zaheer Khan and Ashish Nehra do that…”: Virender Sehwag Praises Young Indian Pacer | Cricket News

May 23, 2022
NDTV News

“It’s Not A Joke”: Airbnb host in Dublin gives up a tent for almost Rs 5,800 a night

May 23, 2022
ADVERTISEMENT

Recent News

SC Releases Notice In Plea Challenging New Exam Pattern For NEET SS 2022

SC Releases Notice In Plea Challenging New Exam Pattern For NEET SS 2022

May 23, 2022
NDTV News

Otofacial syndrome left Chicago’s Joseph Williams jawless, he refused to give up

May 23, 2022

Categories

  • Africa
  • Americas
  • art-design
  • Arts
  • Asia Pacific
  • Astrology News
  • books
  • Books News
  • Business
  • Cricket
  • Cryptocurrency
  • Dance
  • Dining and Wine
  • Economy
  • Education & Career
  • Europe
  • Fashion
  • Food
  • Football
  • Gadget
  • Gaming
  • Golf
  • Health
  • Hot News
  • India
  • Indians Abroad
  • Lifestyle
  • Markets
  • Middle East
  • Most Shared
  • Motorsport
  • Movie
  • Music
  • New York
  • Opinion
  • Politics
  • press release
  • Real Estate
  • Review
  • Science & Space
  • Sports
  • Sunday Book Review
  • Tax News
  • Technology
  • Television
  • Tennis
  • Theater
  • Top Movie Reviews
  • Top Stories
  • Travel
  • Uncategorized
  • Web Series
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links

We bring you the Breaking News,Latest Stories,World News, Business News, Political News, Technology News, Science News, Entertainment News, Sports News, Opinion News and much more from all over the world

©Copyright DailyExpertNews 2022

No Result
View All Result
  • Contact Us
  • Home
  • Top Stories
  • World
  • Economy
  • Business
  • Opinion
  • Markets
  • India
  • Education & Career
  • Arts
  • Advertisement
  • Tax News
  • Markets

©Copyright DailyExpertNews 2022

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.