Stock Groups

India’s Future Retail, 7-Eleven terminate franchise agreement By Reuters


© Reuters. FILE PHOTO – A man enters the Big Bazaar store in Mumbai (India), November 25, 2020. REUTERS/Niharika Kulkarni/File Photo

BENGALURU, Reuters -Future Retail announced Tuesday that it had terminated a franchise agreement in India with 7-Eleven Inc. The company was developing and operating convenience stores in India. It failed to meet its targets for opening new stores and paying franchise fees.

The two companies decided to mutually terminate the agreement, which was first announced in 2019 stating that Future Retail would run 7-Eleven’s first branded store in India.

The implementation of the franchise agreement was stalled by local media earlier in the year.

Future Retail operates several local stores such as Foodhall or Nilgiris and stated in 2019 that it intended to open new locations under the brand and also to transform some existing businesses into the U.S. label.

Future Retail stated in a statement that the termination would not have any financial or business consequences.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.