Future Agrovet Ltd, part of the Future Group, has not confirmed rumours pertaining to the closure of some KB’s Fair Price stores. Responding to a recent media report, which quoted Narendra Baheti, managing director, Future Agrovet as saying that the company’s losses from the KB Fair Price shops are around Rs 75 crore, Damodar Mall, group customer director, Future Group told IndiaRetailing that no stores from the 160-outlet chain are to down shutters.
“We are not closing any of the KB’s outlets, but will in fact open some additional stores,” he stated, in response to queries if, as reported, 60 KB’s Fair Price outlets are indeed to shut down.
Earlier in the year, Future Agrovet was reported as saying that the company is planning to increase the number of KB’s Fair Price Shops to 140 by March 2010.
— IndiaRetailing Bureau