Future Group freezes fresh hiring

The Future Group has put a freeze on mass hiring for its retail operations as a part of a restructuring drive resulting in trimming of total workforce.

The retailer that operates around 1,200 stores across formats in the country has decided to put a hold on hiring except for a few crucial roles, according to people familiar with the development.

In the last one year, the group is understood to have lost up to 4,000 employees as a result of natural attrition and closing down of stores, bringing down the total number of workforce to about 36,000 across levels.

The total number of stores closed could not be ascertained as the company officials declined to comment on the issue.

Recently, the group had shut down down 11 stores of eZone that sells electronics and appliances with an aim to focus only on five cities.

Earlier this month, Future Group's flagship firm, Pantaloon Retail had said it is making efforts to realign its overall business and has formed a high powered 'review committee' with a mandate to consider various options for realignment and divestments.

The committee is expected to submit its recommendations within a short time frame and achieve some or all of these objectives within this financial year, Pantaloon Retail had said.

The company has also been working on various initiatives, including monetisation of non-core business.

Future Group has a presence in more than 85 cities and 60 rural locations across the country with formats like Pantaloons, Central formats, Big Bazaar, Food Bazaar and KB's Fairprice.