Reliance Retail to close 25-30 Reliance Fresh outlets
Retailers are feeling the heat of the downturn, in latest development Reliance Retail Ltd, an arm of Reliance Industries Ltd (RIL), India's biggest company by market value, has decided to close 25-30 Reliance Fresh stores across the country, after these stores were found to be economically not viable.
According to sources, nearly 10 stores will be closed down in Rajasthan while two stores in Ahmedabad and at least 1 store in the NCR.
However, the employees from these stores are expected to be absorbed by the company at other locations.
The person familiar with the development, a company executive who did not want to be named, said such resizing and restructuring is happening across cities, and expansion plans are either being put on hold or significantly reduced.
The company will shut down stores that are not viable, bring down the present size of the stores and also cancel some of the agreements that were signed when rentals were high, he added.