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 a media report.
The promoters of the company are under serious trouble as lenders are contemplating to invoke powers under strategic debt restructuring (SDR) provisions, the report said.
In the last one year the company has rationalised store count and has only three stores running in Mumbai and around 40 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.
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, the reports added.