What is Kishore Biyani doing now?
NEW DELHI: Future Group promoter Kishore Biyani is plotting a comeback in retail space by selling some assets and repaying part of debt even as his flagship company Future Retail (FRL) faces bankruptcy proceedings in the wake of the Rs 25,000-crore Future-Reliance deal falling through.
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How did Future Group fail?
since it defaulted on March repayments, violating the terms of one-time restructuring. However, Covid outbreak and suspension of the Insolvency and Bankruptcy Code prevented Future group companies from going bankrupt. It was then that Amazon roped in Samara to fund Future and the Reliance deal later.
What is the net worth of Big Bazaar?
The net worth of Future Retail was estimated at around 54 billion Indian rupees in financial year 2021 across the country. This was a significant increase from the previous year.
Who owns Big Bazaar now?
Future GroupBig Bazaar / Parent organizationFuture Group is an Indian conglomerate, founded by Kishore Biyani and based in Mumbai, Maharashtra. The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central, etc. Wikipedia
Is Big Bazaar taken over by Reliance?
After most of the Future Retail-owned Big Bazaar outlets were taken over by Reliance Retail after it failed to honour its payment obligations, customers are facing a dilemma about the validity of the vouchers they hold.
Why is Big Bazaar closed down?
Due to the financial crunch and lack of funding the owner of the company could not run the store anymore, thus stores are getting closed.
Why Did Big Bazaar fail?
Big Bazaar was in debt and could not afford to pay off loans to lenders well in time. The condition was not good sincein 2017. In 2019 most of the store were closed due to Pandemic and sale was dropped, which further worsen the condition of the Big Bazaar in totality the condition of Future group.
Will Amazon Buy Future Group?
Amazon has been against Future Group and Reliance Group’s deal that was inked in August 2020 under which Reliance Retail will buy Future Retail’s stores and warehouses for ₹24,713 crore on grounds.
Is Big Bazaar shutting down?
Big Bazaar Shuts Down Across India: Reliance Will Rebrand 200 Big Bazaar Outlets & Run Operations. India’s second-largest retailer Future Retail Limited or FRL has suspended most of its online and offline operations after Reliance took over at least 200 of its stores due to missed lease payments.
Why did Big Bazar fail?
Why big bazaars are closed?
Reliance took over the charges of approx 260 stores of Big Bazaar and FBB to recover its debt or retail space which they rent out to Future group. Big Bazaar is closed now and the new format which is opening in Place of Big Bazaar is Smart Bazaar and in place of FBB store Reliance Trends is coming up.
What is the new name of Big Bazaar?
Smart Bazaar is the new name of the grocery stores of Big Bazaar stores.
Is Big Bazaar sold to Reliance?
Is Reliance buying Future Group?
Reliance Retail said on Saturday it will not move on its plan to buy Future Group’s businesses after secured lenders to the Kishore Biyani-led company voted against the deal.
Why is FBB falling?
“Covid-19 pandemic and consequent lockdown imposed throughout the country has had a significant adverse impact on the business operations and the financial results of the company for the quarter ended June 30, 2020,” FRL said.
Why is Big Bazaar closing?
Is Big Bazaar closing down?
Reliance to rebrand and open majority of 200 stores in next 7 days. Future Retail has shut most of its Big Bazaar stores since February 25 (Friday) and its website is also down as it missed lease payments to Reliance Industries (RIL).
Why Big Bazaar failed?