17 March 2022, Mumbai:
India's Future Retail reiterated its commitment to take back stores seized by Reliance, stating it was surprised by the move.
India's biggest retailer Reliance, showed up at many of Future’s biggest stores on February 25 this year to assume control, in what was seen as a de facto takeover.
The takeover occurred even though Future's sparring partner, Amazon.com, has introduced legal injunctions prohibiting such store transfers.
ALSO READ Future Retail director steps down
Future Retail says it is committed to taking all action to seek reversal of takeover of the stores by Reliance.
The company claimed it was surprised by the drastic and unilateral action taken by Reliance.
RELATED NEWS Reliance issues sub-leased termination notices to Future Retail stores
Reliance Industries is in the process of transferring over 30,000 Future Retail and Future Lifestyle employees and has also taken over 200 Future Group stores that are now being re-branded as Reliance stores.
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