The story that was printed in India was taken out of context.
We are actively closing down stores and not renewing leases where we feel the mall is in decline in terms of traffic with little chance of revival. We continue to selectively open new stores. The U.S. continues to be a focus for growth, and our retail strategy is still very much active. Regardless of the economic downturn, we still fared well comparatively due to our vertical integration model which has additional in built profit layers.
Modi notes he has “assumed the CEO role of Samuels but continue to remain CEO of Gitanjali USA, the umbrella entity for all of our USA activities.”