Reliance terminates sub-lease of 947 Future' Dependence Retail works in excess of 12,000 stores in the country
Dependence Retail, an auxiliary of Reliance Retail Ventures (RRVL), has given notification to end sub-leases of 947 Future Group stores. The organization intends to resume them in the wake of accommodating stock and stock positions and rebranding them. Dependence had assumed control over the stores last month as they were sub-rented by it to Future which had defaulted on rental installments. Presently, all such stores have been shut by Reliance. When the accommodating of stock and stock positions is finished, the stores would be rebranded across classes as Reliance Digital, Reliance Smart and Reliance Fresh (food), and Reliance Trends. The stores might begin returning after perhaps a fortnight. Sources said talks between Future Group and Amazon to investigate the chance of an out of court settlement over the previous offering its retail resources for Reliance Retail might stretch out past March 15, the cutoff time given by the Supreme Court to both the gatherings. All things consi...