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.