India’s Future Retail, 7-Eleven terminate franchise agreement By Reuters
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 https://www.reuters.com/article/us-future-retail-7-eleven-expand-idUKKCN1QH0X5 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.
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