Future Retail Ltd , 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.
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."
"We regret to inform you that currently stores are non-operational for 2 days," Big Bazaar told a Twitter user who complained about a closure.Reliance's move assumes significance as it follows failed efforts since 2020 to close a $3.4 billion deal to acquire the retail assets of Future, whose partner Amazon.com Inc has blocked the transaction by citing violation of contracts. Future denies any wrongdoing.
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