Gitanjali USA Responds on Restructuring

Nehal Modi, CEO of Gitanjali USA, just notified me that, despite the talk of Gitanjali spinning off assets in India’s Economic Times, there are no plans to sell any of Gitanjali’s US assets …

The only place we are restructuring is in India. We are
hiring an advisor to figure out how to unlock shareholder value. As far as the US goes, this has nothing to do with the American retail business. We are still in acquistion mode in the
U.S.  We are still looking to
increase our store base.

JCK News Director