Provogue, the Mumbai based Indian apparel retailer is going through a cash crunch. According to The Financial Times, in the last year they have closed more than 60 stores and have delayed the salaries of the employees.
As per the report, the company is going through a serious financial crisis and their lenders are actually thinking of invoking powers under Strategic Debt Restructuring (SDR) provisions.
In the past one year, Provogue is left with only three stores in Mumbai and 40 stores all over India. Earlier the figures were 100 plus all over the country by end of 2014.
The company as on quarter end December 31, 2015, declared a loss of Rs 49.73 crore. In a BSE filing, last fiscal, it had reported a loss of Rs 21.84 crore.
Operations all over the company have also presented sorry figures. It came down to Rs 86.15 crore in the quarter in comparison to Rs 142.15 crore in the same period, about a year ago.