Crisis-ridden Subhiksha to shed 50% of leased properties to cut costs
Retail chain major Subhiksha Trading Services has decided to shed half of its leased properties on account of mounting lease rentals as the company is facing a severe financial crisis. The retail chain, which has around 1,600 shops in India and is spending around Rs 7 crore every month as rent, will save around Rs 3 crore through the cost cutting initiative.
The company has overdue rent arrears for six months and has entered into negotiations with the property owners to resolve the issue.
R Subramanian, managing director and founder, Subhiksha Trading Services stated that the retail major would expects to retain about 50% of its properties and re-negotiate nearly 30-35% after completion of corporate debt restructuring (CDR) so that it can open back about 80% of its stores post CDR.
In a related development, Subhiksha is also considering inducting more independent directors on the company’s board.
Yes Bank launches next generation retail banking service in Rajasthan
Yes Bank has launched the next generation retail banking service for its customers in Rajasthan.
The service offers a wide range of online products and services including internet mobile and ATM network across 117 branches of the bank across the country.
Other innovative services include single password access, MF online, wealth advisory, online payments, international gold debit card and prepaid dollar travel card.
It has also introduced the money monitor facility, for the first time, through which the customers can access view, print and receive alert of all their financial information from both Yes Bank and other financial institutions through a single interface.
Shoppers Stop closes its three Crossword stores
In Jan-09, Shoppers Stop JV for Catalog Retailing in India, Hypercity Argos went out of Business. Several retailers have shutdown shop since then.
Just a while ago Shoppers Stop has informed us that it has closed down its three ‘Crossword‘ stores located at Mumbai Airport, Shop in Shop store at Shopper’s Stop, Chennai and Shop in Shop store at Shopper’s Stop, MGF Saket, New Delhi
With the closure of these stores, the company now has 51 Crossword stores. Further, the company has also closed down its ‘Stop & Go’ store at Mumbai Airport.