Future Retail has terminated its master franchise agreement with the US-based convenience stores operator 7-Eleven, as it could not meet targets for opening stores and franchisee-fee payments. The company had signed the pact with 7-Eleven in 2019 for operating stores under the brand name in India. The company has terminated the Master Franchise Agreement entered into on February 28, 2019, which was executed between Future7-India Convenience, a wholly-owned subsidiary, and 7-Eleven.
The agreement was also executed by the company and Future Corporate Resources (FCRPL) as confirming party and controlling principal for developing and operating 7-Eleven stores in India. The Master Franchise Agreement has been terminated pursuant to execution of Mutual Termination Agreement executed among the Company, Future-7, 7-Eleven and FCRPL on October 5, 2021.
Future Retail offers food and grocery categories, fresh fruits and vegetables, meat and poultry, dairy products, staples, FMCG and processed foods, electronics and appliances, clothing and footwear, furniture and furnishing, and other household articles.
