Future Retail in its latest exchange filing, stated that termination of leases and takeover of stores by Reliance Group has come as a surprise to the company and that its Board has taken strong objection to such an action by Reliance Group. The company said that it has sent a notice to Reliance Group to reconsider all other actions initiated over the last few days. In February 2022, Future Retail could not pay rent for stores and in response, Reliance had taken over those leases and subsequently the possession of 900 stores that included its famous Big Bazaar stores. Reliance had also issued offer letters to employees of Future Retail after the takeover. Future Retail’s statement also mentions that the Board remains committed to taking necessary actions to ‘seek value adjustments and reversal of takeover of the stores, leases, by Reliance Group’. On Wednesday, talks had broken down between Amazon and Reliance regarding the sale of Future Retail, after having agreed to initiate talks for an out-of-court settlement earlier this month.
Future Retail dollar bonds were slightly higher – its 5.6% 2025 were up 0.37 points to 59.12.
