Tobacco manufacturer Godfrey Phillips India Ltd has decided to exit its retail business division, 24Seven, after a negative net worth as of March 31, 2023, following losses. The decision was made after a thorough review of the division, considering stakeholders feedback, long-term performance, market conditions, and long-term business strategy.
24Seven, a popular late-night convenience store in India, may face closure or seek new investors after its parent company, Godfrey Phillips India, announced its exit from the retail business division. The company s negative net worth as of March 31, 2023, stems from accumulated losses. The retail business generated Rs 396 crore in FY23, accounting for 9.3% of the total revenue for the Modi Enterprises-led company and the retail division.