Apparel Retailer Provogue Shut Down 60 Stores In One Year

Apparel Retailer Provogue Shut Down 60 Stores In One Year

According to the report, the promoters of the company are under serious trouble as lenders are contemplating to invoke powers under strategic debt restructuring (SDR) provisions. The company had reported widening of its net loss at Rs 49.73 crore for the quarter ended December 31, 2015.

Cash-strapped apparel retailer Provogue (India) has shut more than 60 stores in the last one year and is delaying salaries of employees, according to media reports. The promoters of the company are under serious trouble as lenders are contemplating to invoke powers under strategic debt restructuring (SDR) provisions. In the last one year the company has rationalised store count and has only three stores operational in Mumbai and around 40 stores operational in the country. The company was operating more than 100 stores across the country in 2014 of which only 40 stores are operational at present. The company had reported widening of its net loss at Rs 49.73 crore for the quarter ended December 31, 2015. The company had also reported a net loss of Rs 21.84 crore during the same period last fiscal, Provogue said in a filing to BSE. Total income from operations of the company also declined to Rs 86.15 crore during the quarter-under review as compared to Rs 142.15 crore in the same period, a year ago.