The consortium will package the three businesses into a company named Purepay Retail Limited, a dormant subsidiary of Edinburgh Woollen Mill Group incorporated in 2018.
A total of 1,347 EWM and Ponden Home store staff will transfer to the newly-formed company, alongside all of their 72 head office and 34 distribution staff. It will operate 246 stores under licence from across both brands.
Purepay will operate 72 Bonmarché stores under licence and 387 store staff will transfer to the new owner, alongside all 51 head office and 93 distribution centre staff.
Day and his family do not have a significant controlling or stake in the investment consortium, or in Purepay Retail Limited. Day s EWM Group (which is not in administration) has surrendered its position as a secured creditor of the three businesses to instigate the deal. In return, the consortium has agreed to pay Day an undisclosed amount of money for the businesses, in instalments. Day still owns Peacocks, which is in adminis
Delhi HC asks Future to respond to Amazon plea
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U.S. firm challenges bench’s observation
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U.S. firm challenges bench’s observation
The Delhi High Court on Wednesday asked Future Retail Limited (FRL) to respond to Amazon’s plea challenging certain observations made by a single judge bench against the U.S.-based e-commerce major.
A bench of Chief Justice D.N. Patel and Justice Jyoti Singh also issued notice to Future Coupons Pvt. Ltd. (FCPL), seeking a stand on Amazon’s plea against the observations made by the single judge bench in its December 21, 2020 order.
Read more about Amazon urges Sebi to suspend review of $3.4 billion Future-RIL deal on Business Standard. Amazon also urged Sebi about not granting any no-objection in relation to the same and directing the Indian Stock Exchanges not to issue any no-objection/approval letter to Future Retail
The Delhi high court recently upheld the proposed merger of Future Retail Limited (FRL) with Reliance Retail Ventures Limited (RNRL), following a challenge by Amazon. It has also allowed Amazon to continue opposing the merger in appropriate legal forums.