Spencer’s Retail to shut 10 stores in TN soon
As of June 30, Spencer’s was operating 152 stores with a total trading area of 13.29 lakh sq ft.
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CHENNAI: RP-Sanjiv Goenka Group arm Spencer’s Retail Ltd on Wednesday said it will close 10 loss-making stores in Tamil Nadu by the end of the month.
This is part of the process of evaluating the performance of all stores on a regular basis, Spencer’s Retail said in a regulatory filing.
It ‘’has decided to close down its 10 loss-making stores in Tamil Nadu by September 30. These stores contributed 1.2 pc of the consolidated revenue of the company in 2022-23,’’ the company said.
As of June 30, Spencer’s was operating 152 stores with a total trading area of 13.29 lakh sq ft.
It also operates 34 stores with a total trading area of 1.03 lakh sq ft under the brand Nature’s Basket, which it acquired from Godrej Industries.
Spencer’s consolidated net loss had widened to Rs 64.13 crore in the June quarter. Its revenue from operations had also declined 8.18 per cent to Rs 570.17 crore during the quarter.