Future Retail, 7-Eleven terminate franchise agreement after payment default

Financially troubled, Future Retail and Texas-based convenience store chain, 7-Eleven have today decided to mutually terminate their franchise agreement after the Kishore Biyani company failed to meet the target of opening stores and payment of franchise fees.

In a statement to the stock exchanges, Future Retail said no financial or business impact on the company is expected as the arrangement was at the subsidiary company level.

In February, 2019, both companies had signed the franchise agreements for developing and operating 7-Eleven branded stores within India. Future group was planning to set up 7-Eleven convenience stores all over India to sell