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October 6, 2021updated 08 Nov 2021 8:36am

Future Retail cancels agreement for 7-Eleven stores in India

The mutual termination comes after a failure to meet the target of opening stores and paying franchisee fees.

India-based consumer retailer Future Retail has called off a master franchise agreement it signed with convenience retail chain 7-Eleven .

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The company, owned by Future Group, entered the agreement with 7-Eleven in February 2019 to set up and operate 7-Eleven convenience stores in India.

The first 7-Eleven store was set to open in Mumbai by last March, but this was delayed due to the Covid-19 pandemic.

The franchise agreement has come to an end after Future-7 India, a subsidiary formed by the two companies, failed to meet the target of opening stores and paying franchisee fees.

The termination was announced despite plans to open the first 7-Eleven store in Mumbai by the end of next March.

In a regulatory filing, Future Retail said: “We would like to refer to the master franchise agreement dated 28 February 2019 executed between Future7-India Convenience Limited, the company’s wholly owned subsidiary Future-7, and 7-Eleven .

“This was also executed by the company and Future Corporate Resources Private Limited (FCRPL) as confirming party and controlling principal for developing and operating 7-Eleven stores within India.

“This is now terminated pursuant to the execution of a mutual termination agreement executed among the company, Future-7, 7-Eleven and FCRPL on 5 October.”

7-Eleven operates, franchises and licenses more than 71,100 stores in 17 countries worldwide, almost 10,000 of which are in North America.

Earlier this year, Amazon won a major legal battle in India against the multinational conglomerate Reliance Industries’ (RIL) acquisition of Future Group’s assets.

Last August, RIL subsidiary Reliance Retail Ventures Limited (RRVL) agreed to buy certain Future Group businesses for Rs247.13bn ($3.38bn).

Amazon challenged the deal for allegedly breaching the terms of a non-compete contract preventing Future Group from signing deals with certain companies, including RIL.

A two-judge bench of the Indian Supreme Court decided to honour the Singapore International Arbitration Centre’s (SIAC) decision to delay Future Retail ’s deal with RIL.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.