Reliance takes Control of Nearly 200 Future Retail Stores

Reliance Retail Limited has taken over the operations of at least 200 stores from Future Retail and has provided jobs to employees after the Kishore Biyani-led Group did not pay the landlord, according to sources.

Future Retail Stores has over 1,700 outlets, including the popular Big Bazaar stores. FRL was unable to pay rent for more than 200 outlets. Reliance transferred the leases of some stores to its step-down subsidiary Reliance Retail amid facing closure.

Since then, the company has begun to rename stores and has offered to include all employees working there. Reliance Retail not only subleased these stores to FRL, but also provided working capital to FRL, but the amount of the capital is not disclosed.

In addition, much of the inventory in these stores was provided by Reliance Jiomart as  FRL faced checkout issues and was unable to pay existing suppliers. Reliance may replace the Big Bazaar signs and branding in these stores with their own branding.