Koutonsí Balvinder Singh Ahluwalia quits
A series of top executives have been quitting their jobs owing to Koutonís current CDR
July 15, 2011 | comments ( 0 ) |
The exodus of top executives from debt-ridden apparel retailer Koutons Retail is continuing unabated with Balvinder Singh Ahluwalia, who was the company's President, becoming the latest to join the exit list.
"I have quit Koutons Retail recently and have not joined any other company yet," Ahluwalia is said to have commented.
In the last one year Koutons Retail, which reportedly has around Rs 660 crore debt on its books and is currently undergoing a corporate debt restructuring (CDR), has seen a series of top executives leaving the company.
In February this year, two of its directors -- Gurdarshan Singh Bhalla and Virender Kumar Gupta -- resigned. Last month, Arun Aggarwal, Company Secretary-cum-Compliance Officer of the company had quit. The company's Chief Financial Officer, Ajay Mahajan, and Company Secretary, Poonam Chahal had left the firm last year.
Koutons is the second such financially-troubled major retailer to have gone for a CDR after Vishal Retail.
- CCI gives nod to Samara Capital-Amazon's joint bid to buy More
- SoftBank eyes 40% stake in FirstCry for $400 million
- Vivo India launches 'Vivo Xchange' program in partnership with Cashify.in
- Milkbasket expands operations to Bengaluru
- Manyavar launches another store in Punjab
- Ola raises Rs 150 crore from Flipkart's Co-Founder Sachin Bansal
- Ananth Narayanan steps down as Myntra Jabong CEO
- DailyNinja celebrates 15 million orders fulfilled
- John Jacobs looks to garner Rs 500 crore revenue by March 2021
- The Body Shop plans to launch 20 more stores in 2019