Reliance has also offered jobs to its employees after taking control of the operations of Future Retail. Reliance has re-employed 30 thousand employees.
Reliance has re-employed 30 thousand employees.
On one hand Amazon and Future Retail (Amazon-Future retail dispute the dispute continues in court On the other hand, Reliance Industries Limited has got complete control over Big Bazaar, the store of Future Retail. The matter is pending in different courts between Kishore Biyani’s Future Group and Amazon regarding the sale of Future Retail to Reliance. Reliance has also offered jobs to its employees after taking control of the operations of Future Retail. Sources close to the development said that Reliance Retail has started taking possession of the premises where Future Retail Big Bazaar (Future Retail) is located.Big Bazaar) is operating its stores and replacing them with its own brand stores. He said that RIL has also started hiring employees of Future Retail Stores and bringing them on the payroll of Reliance Retail. When contacted Amazon for comment, the company declined to comment.
After the Reliance-Future deal was announced in August 2020, several landlords approached Reliance as Future Retail was unable to pay the rent. Sources said that thereafter Reliance signed lease agreements with these landlords and wherever possible, these premises were sub-lease to Future Retail Limited so that the business could continue.
Reliance is taking over loss-making stores
He said that the stores which are being taken over by Reliance are running in loss and the rest of the stores will continue to be operated by FRL. In this way the operating loss of FRL will be reduced. However, till now the exact number of stores that have come to Reliance Retail is not known.
Reliance will keep the job of 30 thousand employees
According to an industry source, Reliance will evaluate such premises, and use them if found commercially viable. In this way, Reliance will re-employ about 30,000 employees. Otherwise, they would have lost their jobs. The source said the move is in the interest of all stakeholders of FRL including banks, creditors, and employees, as the company continues its business and its value remains the same.