Reebok franchisees want investment back
The franchisees are asking the management of Reebok India to settle their dues for exiting from its dealerships in the wake of the company moving to a new business model.
"We are keen to have FDI in India, but the action of a big international organisation like Adidas Group has left us jobless. We are demanding our hard earned money back for justice to be done," Delhi Reebok Franchisees Association General Secretary Jagmeet Singh said.
Over 150 franchisees, representing more than 300 outlets in Delhi, Punjab, Himachal Pradesh, Haryana, Jammu & Kashmir and Uttar Pradesh held a protest at Jantar Mantar here. Singh said they will also submit memorandums to the President, Prime Minister, Commerce Minister and the German Embassy to help sort out the matter.
In August, Reebok India had asked its franchisees, who are unwilling to move to a 'new business model', to liquidate products at discounts of up to 50 per cent, while giving them time till November-end to exit. It had also said unsold stock at the end of the deadline would be repurchased at not more than 10 per cent of the wholesale price.
Singh claimed because of the development, the North India franchisees will incur a "collective loss of Rs 500 crore".
When contacted, Reebok India Company said: "We are putting the necessary support to facilitate this transition. The main
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