Future Group was in serious financial trouble. Future Retail Ltd is also embroiled in a bitter legal battle with e-commerce company Amazon over retail. Thus, the company failed to pay the rent for the stores. As such, the company owed more than Rs 6,000 crore to creditors and landowners alone.
This led to the closure of retail outlets in many places. Meanwhile, Reliance Industries has started acquiring Future Retail outlets such as Big Bazaar. As a result, many employees of the company, creditors and landowners have sighed with relief.
Reliance has said it will continue to employ 30,000 people at Future Retail Limited. Employees who were confused as to ensuring job security for employees are happy with this ridiculous news.
Lenders and suppliers who depend on the company are confident that there will be no problem in doing business as the outstanding amount will be refunded. Speaking on the occasion, landlord Pankaj Bansal said, “Employees were having a hard time getting paid. They only got half the salary. Thus facing various problems. Now comes Reliance. It is a very strong company so the employees will be paid on time. ”So far, Reliance has spent over Rs 1,500 crore to pay the outstanding amount of Future Retail Limited.
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