Provogue (India), apparel retailer has closed more than 60 stores in the last one year and is delaying salaries of employees.
As per reliable sources, promoters of the company are under serious trouble as lenders are considering invoking powers under strategic debt restructuring (SDR) provisions.
In the last one year the company has cut down on store count and has only 3 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. But, there are only 40 stores 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. 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.