Case Study : Fin Excel Limited (FEL) The Fin Excel Limited (FCL) was founded in the late 1900s and started its operation as large discount retailer. The company grew very fast following the acquisition route and become a very diversified firm. Apart from the retailing, which was the strong business of FEL, company built and achieve significant market position in new lines of business by the mid-1990s. These lines of business were insurance, credit cards for consumers, real estate and stock brokerage, etc. Each of these business lines had average performance in their respective market. The FEL decentralized all the businesses and engaged in arms-length corporate monitoring and coordination. Each of the business of the FEL was also nurturing their own unique brand image and customer base. On the other hand, after some time, the retail business of the FEL was struggling. It's wide mallbased department store was struggling to maintain the merchandising which were losing the popularity and so the consumer base. During the same time, competitors like Wal-Mart, a highly efficient low-cost player, were gaining ground and started taking significant market share from incumbent players like FEL. By the 2000, the FEL was at the verge bankruptcy. Consequently, the top management of the FEL decided to sell off its stock brokerage, insurance, real estate business units. Question : Was the EFL's decision to enter into non-retail business through acquisition was economical than starting them up from scratch? What is the way forward for FEL after selling off the non-retail businesses?