Future Retail Co. (Mumbai) announced it has terminated a franchise agreement with 7-Eleven (Dallas) to operate 7-Eleven stores in India. This is reportedly due to Future Retail being unable to meet goals set for opening stores and franchise-fee payments, according to Reuters.
The agreement was ended on mutual terms from both companies. Originally announced in 2019, this agreement would have opened 7-Eleven’s first official stores in India. The pandemic is cited as a main source in being unable to meet these requirements. Future Retail has reported a loss of $2.32 million this year.
Future Retail is also currently in the middle of a legal battle with Amazon.com Inc. (Seattle) over selling its retail assets to Mukesh Ambani’s Reliance Industries.
The termination of its partnership with 7-Eleven will have no direct financial damages on the company.