Famous shoe brand files for concordat

HK Kundura, which continues its operations under the new name of Yeşil Kundura, one of Turkey's most deep-rooted shoe brands, has filed for a concordat after being unable to overcome financial difficulties. The Istanbul Anadolu 2nd Commercial Court of First Instance accepted the company's request and issued a temporary injunction decision.

FINANCIAL BOTTLENECK COULD NOT BE OVERCOME

The company, operating under its new name HK Kundura, reached the brink of bankruptcy after failing to overcome the financial troubles it has been experiencing since the beginning of the year. The company had received a three-month temporary injunction in July. Subsequently, it was granted an additional two months of bankruptcy protection, placing it under legal protection until the next hearing to be held in December 2025.

YEŞİL KUNDURA'S CONCORDAT PROCESS

Yeşil Kundura had declared a concordat in 2018 due to a similar financial crisis. At that time, the company also went through a process where the court prohibited the execution of foreclosure proceedings. In December 2023, Yeşil Kundura completed its concordat process and had restored its financial structure.

THE BRAND WAS FOUNDED IN 1948

Yeşil Kundura was founded by the Yeşil brothers in a small workshop in 1948. The brand, which appealed to a wide customer base by opening many franchise stores in Turkey and abroad for many years, is currently going through a challenging financial period.

News Source: 12punto