Economic crisis hits the sector: Furniture giant goes bankrupt
Pramo Mobilya A.Ş., operating in the Derince district of Kocaeli, has gone bankrupt due to economic difficulties. This development could lead to hundreds of employees losing their jobs.
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The economic crisis and rising inflation in Turkey are bringing bankruptcies in the furniture sector, as they are in many other industries. Most recently, in a case heard at the Gebze Civil Court of First Instance, the bankruptcy of Pramo Mobilya A.Ş. was decided. With this decision, all measures on the company were lifted and the duty of the concordat commissioner ended.
THE IMPACT OF ECONOMIC FLUCTUATIONS
Pramo Mobilya has been known for many years for its production of modern and durable furniture, and it was also exporting abroad thanks to its smart factory infrastructure. The company, which drew attention especially with its products in the luxury segment, prioritized health and quality standards.
However, economic fluctuations and the fragile structure of the market caused the firm to be unable to overcome its financial bottleneck. Experts state that this bankruptcy serves as a warning for other firms in the sector.