Future Retail, India’s second largest retail chain, is scaling down its operations to reduce losses, it said, the latest casualty in its years-long battle with estranged partner Amazon.
The firm, led by Kishore Biyani, said in filings to the stock exchanges that it has been finding it “difficult to finance the working capital needs,” and its losses at store level are “increasing” and of “grave concern.”
Future Retail has lost about $593 million in the last four quarters, it said in the filings.
The admission follows a local media report that said Reliance Industries – which entered into a now-hotly contested $3.4 billion deal to acquire several operations of …
