Reliance Industries has taken a big decision regarding the ongoing litigation between Future and Amazon. RIL has taken over the reins of Future Retail Stores and has also issued job offers to its employees.
The process of hiring employees of Future Retail Stores begins
Reliance Retail has started to capture the space in which Future Retail is running its own stores like Big Bazaar and replaced them with its own brand stores and made them Reliance Retail by hiring employees of Future Retail stores. However, Amazon has not commented on this.
Reliance will bring back 30 thousand employees of the store
Sources said that all these stores are running in loss, which is occupied by Reliance and the rest of the stores will continue to run from FRL. This way the deficit of FRL will come down and it will continue. However, the exact number of stores under Reliance Retail is not yet known. According to the source, Reliance will look into such places and use them, while doing so will bring back around 30,000 employees of the Reliance store.
Many landlords have approached Reliance to continue with the business.
Several landlords have approached Reliance since the announcement of the deal in August 2020. Because Future Retail was not able to pay the rent. Following which Reliance signed lease agreements with these landlords and sub-lease these premises to Future Retail Limited to continue its business.
would be in everyone's interest
The move is in the interest of all stakeholders of FRL, including banks, creditors, and employees, as the company continues its business and remains valuable, the source said.