Friday, 24 March, 2023

Amazon’s snubbed Indian partner, Future Retail, scales down operations

<p>Future Retail, India&#39;s second-largest retailer, is cutting back on operations to cut costs, the latest setback in the company&#39;s years-long feud with rival Amazon. In filings with the stock exchanges, the company, run by Kishore Biyani, stated that it has been difficult to finance the working capital needs, and its losses at the store level are growing and are of great concern. As per the filings, Future Retail has lost $593M over the last four quarters.</p>