Indian discount operator Subhiksha Trading Services saw its stores looted this weekend after the struggling retailer failed to pay its security personnel.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
A company representative confirmed the robberies had occurred over the weekend, but was unable to verify media reports that as many as 600 stores were burgled.
The news is the latest blow for the group, which revealed that its business was near collapse because it had relied on high levels of debt to fuel expansion. In recent months it has failed to pay suppliers and staff because its creditors refused additional loans.
In a statement released on 30 January, Subhiksha said that it is cutting its store-base in an effort to save money on rent and wages.
The company operates 1,655 stores in India.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
