28th July last date for submitting EoIs for Future Lifestyle Fashion
Future Lifestyle Fashion (FLFL), the erstwhile flagship fashion business of Future Group, has invited expressions of interest (EoIs) from prospective bidders. The last date for submitting EoIs is 28th July and the date of issue of prospective resolution applicant is 7th August. Any objections to the list of prospective resolution applicant can be raised by 12th August 2023.
As per the details given in the request for EoIs, as Future Lifestyle Fashion operates retail stores, majority of the fixed assets of the company include assets which have been installed in the stores located at various locations across India.
As at December 31, 2021, FLFL had a pan India presence with 331 stores across various formats/stores. Thereafter, many stores have been shut down due to non-payment of rent by FLFL and 26 stores are operational as on the Insolvency Commencement Date.
Out of the 26 stores, 10 stores are located in the Southern Region, 8 stores in the Western Region and the remaining 8 stores in the other regions (North, East and Central).
Further, with respect to the stores which have been shut down, the fixed assets for some of these stores are lying inside the stores and for others, they have been shifted and are presently stored at more than 40 warehouses located across the country.
Accordingly, based on the understanding provided by the Corporate Debtor, the fixed assets are lying at more than 40 different locations across India and are mainly located in the Southern and Western regions of India. The quantity and value of fixed assets lying at each location is being determined.
The Company owns and markets leading brands through their in-house retail chains Central and Brand Factory and exclusive brand outlets (EBOs) such as aLL.
The revenue from sale of products for FY 2021-22 and H1 FY2022-23 was Rs 2,800 crores and Rs 421 Crores respectively. The quantity of products sold is in the process of being determined.
There are 168 employees on the payroll of Future Lifestyle Fashion as on May 25, 2023.
Insolvency proceedings against Future Lifestyle Fashion was started by Bank of India after it defaulted on a payment of Rs 186 crore. The NCLT appointed Ravi Sethia as the interim resolution professional.
Also Read: Financial creditors of Future Lifestyle Fashions submit Rs 2,155 crore claims
