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Bad condition of 'Big Bazaar' group

These three companies of the Future Group were part of the Future-Reliance Deal. In this deal, Reliance Group was going to get ownership of a total of 19 companies of Future Group.

These included a big retail brand like Big Bazaar. All these companies were associated with retail, wholesale, logistics and warehouse segments.

Time does not take long to change... We all must have heard this proverb at one time or another in our life time.

In the corporate world around us, we must have seen many companies going from good to bad and bad to good times.

The latest case is related to Future Group, the owner of a brand like Big Bazaar.

The financial condition of this debt-laden group has now reached such a bad state that not one or two but three companies of the group have defaulted payment of crores of rupees.

The group companies Future Enterprises, Future Consumer and Future Lifestyle Fashions have not been able to make payment of the One Time Resolution Scheme to their consortium of lenders.

Future Lifestyle Fashions on Friday informed that it has not been able to repay the principal amount of Rs 335.08 crore. The last date to pay it was 30 June 2022.

This includes the term loan received by the company, working capital term loan and payment of purchase bill of crores.

However, the company has paid the interest of this loan. This group company runs stores like Central and Brand Factory.

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