Future Retail suspended both, its online and offline supermarket operations after missing lease payments due to Reliance. Reliance had transferred leases of some stores of Future Retail to its name and sublet them to Future, but is now taking over as Future did not make payments. Reliance has thus bid to takeover its flagship supermarkets and rebrand the company’s stores. The shutdown of stores includes Future Retail’s famous Big Bazaar chain. Reuters notes that the stores Reliance will rebrand as its own will be Big Bazaars. Given the Reliance-Amazon dispute regarding the Indian conglomerate’s stalled $3.4bn takeover of Future Retail, this move is said to be of significance. A lawyer familiar with the dispute notes that Reliance’s takeover of stores will upset Amazon’s plans as the latter has little legal recourse since store landlords independently gave the leases to Reliance.
Future Retail’s 5.6% 2025s were up 1.3 points to 60.25 cents on the dollar.
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