Diversified retail player, Vishal Retail has denied a newspaper report, which stated that it will close down about one third of its 172 retail outlets and downsize its staff across the country due to slowing sales.

The company official stated that it has not issued any such statement in the press, and all reports related to the matter are totally false.

It may be noted that the company has closed its two stores in last week.

Vishal Retail's net profit has dropped by 86.7% for the quarter ended 31 December. The company has posted net profit worth Rs 2.15 crore compared with Rs15.55 crore for the same quarter FY'08.

Today, the company shares closed the day at Rs 52 on BSE, up 5% compared to its previous close.