Reliance took over the command of Future Stores, thousands of employees breathed a sigh of relief, know the whole matter

Reliance took over the command of Future Stores, thousands of employees breathed a sigh of relief, know the whole matter


new Delhi. When Reliance Group took over the reins of Future Group’s retail stores, thousands of employees and vendors lost their lives. Reliance is now rebranding these stores, giving vendors and employees hope for a better future.

Reliance has started taking over the operational charges of these stores. As soon as the company started this, 30 thousand employees already working in the stores were offered jobs again. These employees say that now the fear created in them about their future is ending. The last several months were spent in great uncertainty, but now salary will also be available on time and there will be no risk of job loss.

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Stores did not have money to pay rent
Many of Future Group’s stores are running on lease and due to continuous losses, they were left with no working capital nor money to pay the rent of the store. After the takeover of Reliance, such difficulties have ended. Future Group’s vendors, suppliers and landlords are also now expected to make timely payments.

New business opportunities will open
Shammi Thakur, managing partner of Ambesten Marketing Solutions, says that everyone will benefit from the arrival of Reliance. Reliance is a big conglomerate of the corporate world and this will instill confidence in the vendors as well as the suppliers. If the stores get more orders then new business opportunities will also come. The employees also used to get half the salary, sometimes it used to be pending. Now this too will get rid of.

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outstanding for 7 years
Shammi Thakur says that many payments related to stores are pending for 7 years. The lease to the landlord of the stores was also not paid for a year. After talks with Reliance, their old dues have been cleared. Now the landlord is also confident of getting the rent on time, said NPVS Raju, owner of Hyderabad-based heritage store, Our store was taken over by the Future group 7 years ago. For the past many years, he was not paying the rent on time. The connection was also cut due to non-payment of electricity bill. Now with the advent of Reliance, our problems have come to an end.

(Disclaimer: Network 18 Media & Investment Ltd. is owned by Independent Media Trust. Its beneficiary company is Reliance Industries.)

Tags: Future Group, Reliance Retail


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