Shoppers Stop intimates of closure of 2 Shoppers Stop stores in Pune & Mumbai

Closes one "Hypercity" store in Pune

Shoppers Stop announced that the Company has closed "Shoppers Stop" stores at Inorbit Mall-Pune and Nirmal Lifestyle-Mulund, due to lower than expected businesses and its low profitability.

During the last financial year, sales from Inorbit Mall-Pune was Rs. 24.91 crore which is 0.66% of the turnover of the Company and sales from Nirmal Lifestyle - Mulund was Rs. 1,6.67 crore which is 0.44% of the turnover of the Company.

With these closures, the Company has now 81 Shoppers Stop (including six airport stores) stores under its operations.

And also, inform that our 51% Subsidiary Company; Hypercity Retail (India); has closed Hypercity store at Inorbit Mall-Pune due to lower than expected business and its low profitability. The sale from this store for the last financial year was Rs. 13.27 crore which is 1.40% of the turnover of the Hypercity. With the closing of this store, there are now 19 'Hypercity' stores.

 

Powered by Capital Market - Live News