|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Wadhwan Retail to close down Spinach food & grocery stores
|
|
Monday, 26 July, 2010, 08 : 00 AM [IST]
|
|
Our Bureau, New Delhi
|
Wadhwan Retail has decided to shut its Spinach food & grocery stores. Most of the 45 Spinach outlets will down their shutters by the end of this month and many suppliers have snapped their relationship with the company because of huge outstanding bills, according to sources within the company, reports The Economic Times.
Spinach has some 35 stores in Mumbai and about 10 stores in Kolkata, down from a 2008 peak of 55 stores in Mumbai and 15 in Kolkata. Wadhwan Retail is part of the Rs 12,000 crore Wadhwan group that has interest in real estate, financial services, education and hospitality, and runs operations in India, the UAE and the UK. It runs retail stores under the Smart Retail brand in South India, Subka Bazaar in the national capital region (NCR) and Spinach in Mumbai and Kolkata. Wadhwan Retail would also review the operations of its Subka Bazaar stores starting next month.
The group ventured into retail business in the late 2005, with the target of launching 750-1500 stores across the country. Last year, Subhiksha Trading Services, which had more than 1,000 retail outlets across the country, wound up operations due to financial difficulties. Reliance Industries had closed down many of its Reliance Fresh stores during the last two years. Vishal Retail, which operates Vishal Mega Marts, is in the process of restructuring more than Rs 750 crore of debt. Unsecured lenders have filed winding up petitions against the company. Even as the government is calibrating its policy approach towards domestic and foreign retailers, several early movers are struggling to stay afloat in the retail business.
|
|
|
|
|
|
|
|
|
|