Subhiksha Trading Services, the retail chain whose stores have been closed for more than a year for lack of money, is planning to reopen some through a franchise model, say sources.
Renovation at two shops in the city are in full swing and advertisements for sales boys and girls have been placed. A notice outside one of the shops stated the salary would be in the range of Rs 3,500 to Rs 6,000 per month.
When a staffer of this newspaper took photographs, staffers from the shop came out and snatched the camera, returning it only after deleting all photos taken.
E-mails sent by this correspondent to R Subramanian, promoter and managing director, remained unanswered.
Subramanian had earlier stated the retail chain would require Rs 300 crore to get back into business. However, creditors have decided not to lend any more money and there are petitions being heard in the High Court to wind up the company. Subhiksha had also filed for a compromise with its creditors, but this was dismissed.
ICICI Bank had stated that Subhiksha has an exposure of Rs 870 crore to banks, Rs 107 crore to unsecured lenders and Rs 250 crore reserves, “which none of us know where it went”. The bank has also asked for a probe.
RS - we will not let stores open at all. You have to first pay our salaries and then think about opening stores. Shame on you..Eaten hard earned money of poor employees and then thinking of restarting the business.
It is good to reopen the store.
But about us. Who did not get the salary from oct 08 to Jan'09.
Will you pay for that or not.
Please reply.
Posted by: adwait.chopra
June 19 , 2010, 09:51 IST
Anoop, Hi , Let us be in touch for our claims. mail me Senior mgt officers , or Directors's name , ID and Telephone nos of current operating location of Subiksha
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Subhiksha Trading Services, the retail chain whose stores have been closed for more than a year for lack of money, is planning to reopen some through a franchise model, say sources.
