Arvind on Thursday said as part of a consolidation and restructuring process the company has shut loss making Megamart stores and is presently operating around 90 stores including Unlimited and Megamart.
Speaking to analysts, Kulin Lalbhai, executive director, Arvind, said in the end of October-December quarter the company had around 95 stores operational of which it had converted around 25 loss making Megamart stores into unlimited stores, a new value department chain.
Arvind has been converting Megamart stores into Unlimited mainly to shed its discount format image and sell premium brands. Of the 90 stores operational at present the company has re-branded 37 loss making Megamart stores into its new value format department chain Unlimited.
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