The troubled retailer recently said that the company and the board have rightfully accepted the move of inducting a strategic investor into the company to act as a saviour against the Rs. 735-crore debt pit of the company. The retailer further added that a formal announcement is expected to be made on the March of 26th after the company will talk to almost a dozen of lenders with respect to its corporate debt restructuring program.

Moreover, the CMD of the company Ram Chandra Agarwal has confirmed the fact that on the fact of it, the proposal of getting a strategic partner into the company has been approved and the decision has been taken after having intensive discussions with the various parties who are concerned about the troubles at the company.

The Delhi-based retailer has been sailing through rough waves since September last year when it failed to emerge from a situation of falling sales and increasing debt. The announcement came in as a boon for TPG Capital, which was trying to take a stake in this debt-ridden retailer. However, TPG has confirmed its move in the public.