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Reliance Retail Ventures acquires Future Group businesses for ₹24,713 cr
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd, in August announced acquiring the retail, wholesale, logistics and warehousing businesses of the Future Group for ₹24,713 crore. The former will have access to 1,800 stores across the group’s Big Bazaar, FBB, Easyday, Central, Foodhall formats across 420 cities. The acquisition was done as part of the scheme in which Future Group merged its grocery, apparel, supply chain and the consumer businesses into Future Enterprises Limited (FEL). The retail/wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a subsidiary of RRVL.
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Pic: Edinburgh Woollen Mill A deal recently saved collapsed UK retail company Edinburgh Woollen Mill (EWM). Two hundred and fifty stores and 1,500 jobs will be protected as a result. Retailers Edinburgh Woollen Mill, Ponden Homes and Bonmarche, owned by Philip Day’s EWM Group, will be sold to a consortium of international investors, according to a top UK English-language daily. Dubai-based businessman Day s Jaeger will be taken over by Marks & Spencer in a separate agreement. The new owner will operate under licence across both brands, saving 1,347 shop workers, 72 employees at head office and a further 34 jobs at the company s Carlisle distribution centre.
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JCPenney’s retail, operating assets to exit Chapter 11
JCPenney in December announced completing its sale, under which Simon Property Group and Brookfield Asset Management have acquired substantially all of its retail and operating assets. The company’s asset purchase agreement (APA) had been approved by the US Bankruptcy Court for the Southern District of Texas on November 9. “Today is an exciting day for our company, as we have accomplished our goal of putting JCPenney on a secure path for the future as a private company so that we can continue to serve our loyal customers,” said Jill Soltau, chief executive.
US consumers returned an estimated $428 billion in merchandise to retailers last year, approximately 10.6 per cent of total US retail sales in 2020, according to the National.
US specialty women s apparel retailer Christopher & Banks Corporation (CBKC) recently announced it has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy.