Oswal Retail, a subsidiary of Punjab-based Oswal Group, has decided to shut down all outlets of ‘Straps’ as it plans to wind up its innerwear business.
Announcing this, Adish Oswal, managing director, Oswal Retail, said, “We have decided to close all our outlets, and it is a strategic decision taken by the company.” In all, the company had opened 22 stores under the brand name ‘Straps’, in several locations including Delhi, Ludhiana and Gurgaon.
Oswal did not reveal any plans of venturing into new business vistas. “We are exploring several options in this regard, but no decision has been taken so far,” said Oswal.
The company had previously planned an investment of around Rs 60 crore in this venture and was scheduled to open 120 exclusive stores by 2009.