Reliance ends lease of 950 Future stores
New Delhi, March 10
In a fresh twist in the fight to gain supremacy in the Indian retail market, Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously.
In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
Last month, Reliance Retail had taken over store spaces for which the Future Group couldn’t pay lease rent. These were then sub-let to the Future Group for operation. —
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