Hundreds of Subhiksha stores were looted or vandalised after the Chennai-based India’s leading discount retailer Subhiksha Trading Services failed to pay security agents and staff because of liquidity problems, the Financial Times reported.
About 600 of Subhiksha’s food stores and warehouses were vandalised, the newspaper said, citing the company. Subhiksha, which has revenue of USD 470 million from 1,655 stores, is struggling to pay suppliers and employees after banks refused to lend it money, the FT reported.
The company is unable to protect its properties, the report cited managing director R Subramanian as saying.
— IndiaRetailing Bureau