These stores have been contributing 55-65 per cent of retail revenue operations of the group. Future Lifestyle has also received termination notice for 78 Brand Factory stores and 34 central stores.
The Future Group said it was in talks with the Reliance Group for maintaining status quo and safeguarding the interest of various stakeholders, according to Indian media reports.
Reliance has 1,100 supermarkets, while Future has around 1,500. Both are expanding fast into e-commerce.
The bitter legal dispute in which Amazon has sought to block Reliance's planned $3.4 billion purchase of Future Group's retail assets is currently before India's Supreme Court.
ALCHEMPro News Desk (DS)
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