CHENNAI: Chennai-based meat retail brand Fipola has closed its operations across the country amid non-payment of dues. The company has reportedly not paid dues to vendors and delivery partners and has a legal notice for the same in Bengaluru.
The start-up founded by Sushil Kanugolu was launched with three stores in September 2017. It has nearly 100 stores in Chennai, Puducherry, Bengaluru, and Hyderabad, among other places and has 800-odd employees, the company claimed last August. It has also roped in prominent celebrity Nayanthara as it brand ambassador in August 2022.
The company’s former employees in Chennai, on condition of anonymity, said that they were not paid for months forcing some to resign. A few of us remained till the end as we find it difficult to search for alternatives, an employee said. “I defaulted EMIs and faced huge financial difficulties,” another employee said. Employees this newspaper spoke to say they have payment due for four months or more. TNIE’s efforts to reach out Fipola founder were unsuccessful.
Customers who frequent Fipola stores in Anna Nagar outlet told TNIE that the stores were kept unhygienic and the service was getting poorer in the past few months even as they’re promoting and expanding the brand. According to sources, the company shifted its headquarters to an expensive 10,000 sq. ft place in Chennai last year. Fipola’s parent company SR-Marine is a seafood exporter and reported a turnover of over Rs 140 crore in 2018, according to the company.