Big Bazaar vouchers go useless after most stores shut, company to find solution

New Delhi: Customers with Big Bazaar vouchers have been left in the lurch after Reliance Industries purchased a portion of the hypermarket chain's parent company, Future Retail (FRL).

Most of the Big Bazaar stores owned by Kishore Biyani have been closed and only 30 stores are operational. This has only added to the woes of those people who have been Big Bazaar customers for years as they can't redeem those vouchers.

Since Big Bazaar branded stores have ceased to operate in most areas, several Big Bazaar consumers have been left without a way to redeem their vouchers.

Big Bazaar executives are also unable to resolve customer complaints since Future Retail's bank account has been frozen and the company is going through bankruptcy proceedings.

According to the sources, it is said that the company is under tremendous pressure with the loss of its customers and it is trying to find a solution and will make an announcement soon.

The Reliance-Future agreement tumbled after Future Retail's secured creditors refused to approve it. The deal with Reliance had already been accepted by the shareholders and unsecured creditors.

The secured creditors wanted further information on how the sale proceeds would be distributed among the various creditors.

Future is now facing bankruptcy proceedings under the IBC, and lenders will be hoping to recoup their losses.