Termination notice to 947 Future Group stores from Reliance

Reliance Retail, a subsidiary of Reliance Retail Ventures (RRVL), has issued notices to terminate sub-leases of 947 Future Group stores. The company plans to reopen them after reconciling stock and inventory positions and rebranding them.

Reliance had taken over the stores last month as they were sub-leased by it to Future which had defaulted on rental payments. Now, all such stores have been closed by Reliance. Once the reconciling of stock and inventory positions is over, the stores would be rebranded across categories as Reliance Digital, Reliance Smart and Reliance Fresh (groceries), and Reliance Trends. The stores may start reopening after maybe a fortnight.

Sources said talks between Future Group and Amazon to explore the possibility of an out of court settlement over the former selling its retail assets to Reliance Retail may extend beyond March 15, the deadline given by the Supreme Court to both the parties. It is likely that both the sides may seek an extension of the deadline from the SC at the next hearing.