Hypercity Argos to discontinue catalogue retail operations

Shoppers Stop Ltd has informed BSE on Thursday that Gateway Multichannel Retail (India) Ltd., a joint venture of Hypercity Retail (India) Ltd and Shopper's Stop Ltd, shall wind down and discontinue its catalogue retail operations under the Hyperc ity-Argos brand.

Gateway Retail operates catalogue, stores and internet retail, under franchise from Home Retail Group.

A decision to discontinue the Hypercity-Argos multi-channel retail business operations, following the initial two year trial development period, was taken mutually by Gateway and Home Retail Group, as the business did not meet the planned performance lev els, to support the investments required in the current economic climate.

 

Tx:The Hindu