Textile industry, which is among the leading sectors in Turkey, continues to experience new developments constantly.

WAS PRODUCING FOR GLOBAL GIANTS!

The textile sector, as an important part of the Turkish economy, has a constantly changing structure. However, recently, there has been a noticeable shake in the sector with the bankruptcy wave post pandemic. Both local and international companies announcing bankruptcies are affecting suppliers who supply products to clothing giants.

A 65-year-old company that supplies fabrics to stores of global giants like Zara, H&M, and Spencer in Turkey has applied to the court for concordat due to financial difficulties. This is just one example of the challenges the textile industry is facing and creating uncertainty about the future of the sector.

DEBT OF 3 COMPANIES EXCEEDS 500 MILLION TL

The court file heard at the Bakırköy 2nd Commercial Court reveals that the financially strong company was shaken by economic instability, and the financial balance of group companies was disrupted by exchange rate movements, cost increases, and high credit interest rates.

BANKS ARE ALSO AMONG THE CREDITORS

During the final hearing of the case, a definite one-year respite decision was made for the 3 companies, and it was stated that the owner İbrahim Cüneyt Önügören also entered into the concordat scope and would pay off the company’s debts in a certain timeline. The court file shows that among the creditors are not only many companies but also banks.