Cafe Coffee Day on the verge of bankruptcy? India's popular hangout chain has a debt of Rs 280 crores
NEW DELHI: Cafe Coffee Day (CCD), which is Indias favourite hangout place is possibly at the verge of bankruptcy. According to a Business Standard report, this extremely popular café chain is has a whopping debt of Rs 280 crores.
The report quoted the exchange filings by CCD in the March quarter in which it disclosed a debt of Rs 280 crores.
It has also emerg3d that the lenders to CDEL, the parent company of CCD, are taking the firm to the National Company Law Tribunal (NCLT) to find a solution for its huge debt crisis.
The company opened its first cafe outlet on Brigade Road in Bangalore in 1996. Coffee Day Enterprises Ltd (CDEL) is also reportedly the largest organized retail cafe chain in the country with a presence in Austria, the Czech Republic and Malaysia.
Besides its café chain, the CCD is also into the exports business.