Godfrey Phillips India, a cigarette manufacturer, has announced its intention to withdraw from its retail venture, 24Seven, according to multiple media reports. The decision follows a reported negative net worth as of March 31, 2023.
The company disclosed its plan to fully divest from the retail business after the retail arm generated revenue of Rs 396 crore in FY23, representing around 9.3 percent of its total revenue from operations. While the company hasn’t disclosed its future plans for 24Seven, it’s likely that the stores may be closed down as part of the exit strategy.
24Seven, is a 24-hour convenience store offering groceries, personal care items, food, cigarettes, beverages, and more. It operates over 120 stores in Delhi & NCR.
