“For ₹ 1,400 Crore, Amazon Has Destroyed ₹ 26,000-Crore Company”: Future
Future Retail told the Supreme Court that “Amazon wanted to destroy us, and it succeeded,” as the bitter and long-running legal battle continues, with the next hearing scheduled to be conducted on April 4.
After talks between Amazon Inc. and Future Retail Ltd. (FRL) to resolve and come to an out of court settlement failed, and as Reliance Industries Limited (RIL) took over hundreds of stores of the Kishore Biyani-led group last month on unpaid rents mounting up to ₹ 4,800 crore, the accusing-and-the retort continues.
While Amazon has also accused Future Retail and RIL of “fraud”, Future group said on Thursday, “for ₹ 1,400 crores (worth of the Amazon-Future disputed deal), Amazon has destroyed a ₹ 26,000 crores company. Amazon has been successful in what it wanted to do.”
“We are hanging by a thread. No one wants to do business with us now. When the landlord gives an eviction notice, then what can we do?” added Future Retail, referring to the take over of its stores by RIL.
“Have lost control of over 835 stores, running the remaining 374 stores on a wing and a prayer,” said Future Retail.