It had over 400 branches: Bankruptcy decision for Turkey's dessert giant
Ekleristan, which operated in 60 cities across Turkey and had more than 400 branches, has filed for bankruptcy.
12punto
The famous Bursa-based dessert brand Ekleristan, along with its two affiliated companies, has bid farewell to commercial life. A court has issued a bankruptcy ruling for the brand and its affiliated companies, which were known for their extensive franchise network spanning Turkey.
THE COURT HAS HAD THE FINAL SAY
Ekleristan Gıda Sanayi Ticaret Anonim Şirketi, Cevizden Gıda Sanayi ve Ticaret Limited Şirketi, and Snowland Taşımacılık Oto Kiralama Gıda İnşaat Turizm Sanayi ve Ticaret Limited Şirketi, all registered with the Bursa Trade Registry Office, had previously filed for a concordat. However, the court did not find the submitted concordat projects sufficient and rejected the requests. Following this development, the bankruptcy of the three companies was officially declared as of April 1.
It was decided that the liquidation process of the companies would be carried out according to the "simple liquidation" procedure in accordance with the Enforcement and Bankruptcy Law. The bankruptcy decision was promptly forwarded to the Bursa Bankruptcy Office, and official proceedings have begun.
COMMISSIONER DISMISSED, PRECAUTIONARY MEASURES ENDED
Following the bankruptcy decision, the court announced that the practices previously granted to the companies and all precautionary measures were no longer valid. The duties of Nesrin Beşe, the Concordat Commissioner who monitored and supervised the concordat process, have also been officially terminated. Furthermore, instructions were given for the transfer of the companies' bankruptcy advances to the relevant authorities.
HOW WILL THE LIQUIDATION PROCESS BE CONDUCTED?
Following the bankruptcy of Ekleristan, which reached dessert lovers across Turkey with its hundreds of branches, the debts, receivables, and assets of the companies will be determined. All business and transactions will take place under the supervision of the Bursa Bankruptcy Office. During this process, steps such as protecting the rights of creditors, selling company assets, and paying off debts will be followed.
Ekleristan's withdrawal from the market has caused a significant stir in the sector, bringing uncertainty for both suppliers and franchisees.