Subhiksha admits top brass exits, salary arrears since Oct

Retail chain Subhiksha Trading Services today said its several employees including a few top brass executives have exited the firm owing to a cash crunch, which has also resulted in non-payment of salaries to its staff for the last four months.

The company stated that it had no information about any employee filing a case for dishonouring of pay cheques.

Among the high-ranking executives who have left the company are Atul Joshi, Sunil Kataria, Mrinal Roy, Ashu Phakey and Raviganesh V, Subhiksha's Managing Director R Subramanian told PTI.

"Given the difficult situation, some have decided to move on for better opportunities," Subramanian said.

At present, Subhiksha has a total debt of around Rs 750 crore and needs Rs 300 crore to tide over the present crisis, which has seen some of its stores vandalised and employees exiting the company.

The Subhiksha official was, however, confident that the company would attract fresh talent when it was back on track.

Besides, none of the people exiting the company had a retail background, he said.