CCD shuts 73% stores in 4 years
CCD has closed 73% of its outlets from 2019; Reliance Retail and six other entities have submitted EoI for Future Supply Chain; Indigo set to place order of 500 planes
A lot can happen over a cup of coffee. That was the tagline for Cafe Coffee Day. But since its founder VG Siddhartha passed away on July 29, 2019, the company has slashed its store count to 469 from 1752. Revenue from CDEL’s coffee retail business, which includes the CCD chain, was Rs 1,653 crore in FY19, which was down to Rs 869 crore in FY23. CDEL has over the last few years cut debt by selling assets, experts tracking the market said. Asset sales have included offloading a tech park in Bengaluru to private equity firm Blackstone for Rs 2,700 crore as well as selling off CDEL’s stake in tech firm Mindtree (which has now merged with L&T Infotech) for Rs 1,800 crore.
Relaince Retail, 6 others submit EoI for Future Supply Chain
Reliance Retail and six others have submitted expressions of interest for Future Supply Chain Solutions, a Future Group firm that is under insolvency proceedings. One City Infrastructure, Globe Ecologistics, Shanti GD Ispat & Power, Camions Logistics Solutions, Tatkal Loan India and Sugna Metals are the other firms in the fray. The resolution professional is verifying the EoIs, FSCS said in a stock exchange update. The resolution professional will submit the final list of the prospective resolution applicants on June 14, it added. The company was admitted to bankruptcy on a petition filed by DHL Ecommerce (India), alleging default in payments. Two other operational creditors – Best Roadways and Leap India – had also moved the National Company Law Tribunal.
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