We introduce ourselves as RIMO Apparels, which used to be an exclusive franchisee for EXCALIBUR brand at Dombivali near Mumbai. We had invested 12 lacs totally for starting the business and we had a MOU signed with the company, Arvind Brands. But within 18 months i.e. on 15/2, we were forced to close our store due to the companies indifferent policy towards franchisees like us and due to the non supply of merchandise which was seriously hampering our sales. On February 15, we were unable to bear the losses and we had to close the store. As per the MOU the intimation was given to the company by email more than 3 months back. All the other franchisee’s continued their business after mixing other brands but we maintained the exclusivity, therefore were left with no other option but to close the store.
As per the MOU clause, at any point of time if the business is stopped due to any reason, than the company will take back the balance merchandise and will reimburse that amount. But now even after corresponding with the company for the last 3-4 months, the company is flatly refusing the take back the goods. The value of the good is roughly 6 lacs which is lying at our godown since February 15.
I don’t know why Arvind being such an old reputed company is dealing in such shady / unethical business policies. The company is not at all bothered to stand by the MOU that it had signed with us. We have lost lacs of rupees by just trusting the brand name Arvind which has backstabbed us and due to which we are under severe debt!!!
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