Future Retail terminated franchise agreement with global convenience store chain 7-Eleven, the company stated in a regulatory filing with the Bombay Stock Exchange.
Future Retail stated that the mutual consent for termination was reached after "Future-7 was not able to meet the target of opening stores and payment of franchise fees". It added that Future Retail would not suffer any financial or business impact as the arrangement was at subsidiary company level.
The global convenience store had been planning an Indian entry since 2004. It had signed an agreement with Future Retail to open seven stores by March 2020. However, owing to the COVID-19 pandemic and subsequent lockdowns, the plans were never finalised.