04 May 2022, Mumbai:
Future Group plans to sell some of its assets to repay part of the debt it owns as it faces bankruptcy proceedings on the failure of the Rs 25,000-crore Future-Reliance deal.
The group plans to sell the plus-size clothing store chain-All for around Rs 1,000 crore. It also plans to sell the Cover Story brand for Rs 250 crore.
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These proceeds will be used to partly pay FLL’s dues, which are pegged at around Rs 2,500 crore.
Of the roughly Rs 29,000 crore debt owed by the group, Rs 18,500 crore is owned by Future Retail while Future Enterprises owes Rs 5,500 crore.
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Future Enterprises is a manufacturer and supplier of fashion garments to the group’s outlets under Future Lifestyle, which houses brands such as Central and Brand Factory.
The remaining companies, Future Consumer, which owns brands such as Foodpark, CareMate, and Desi Atta and the group’s logistics arm Future Supply Chain have a combined debt of around Rs 1,700 crore.
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