Future Retail said on Tuesday it ended a franchise agreement with 7-Eleven Inc to develop and operate the U.S. firm's round-the-clock convenience stores in India, as it could not meet targets for opening stores and franchisee-fee payments.
A man walks inside the Big Bazaar retail store in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni/File Photosaid on Tuesday it ended a franchise agreement with 7-Eleven Inc to develop and operate the U.S. firm's round-the-clock convenience stores in India, as it could not meet targets for opening stores and franchisee-fee payments.in 2019 with plans to open 7-Eleven's first branded store in India.
The COVID-19 pandemic has slammed consumer spending and severely hurt retailers like Future Retail, with the company’s annual report showing that the unit formed to run 7-Eleven stores in India hadThe announcement also comes at a time when its parent Future group faces a legal battle with Amazon.com
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