Textile company exporting to 12 countries declares bankruptcy
A well-known textile company that exported to 12 countries from Turkey and filed for concordat in August has declared bankruptcy.
12punto
Due to the economic crisis, many companies have raised the white flag of bankruptcy. The famous textile firm Fi Triko has now been added to the list of bankrupt companies.
Fi Triko, one of Turkey's leading textile companies, has gone bankrupt due to financial problems.
Fi Triko, which exported to a total of 12 countries including the USA, the UK, France, Spain, and Italy, had filed for concordat in August. The Bakırköy 3rd Commercial Court of First Instance issued a bankruptcy decision for the company, which was unable to strengthen its financial structure in the 3 months that followed.
The company provided production for giant firms such as Pierre Cardin, Zara, US Polo, LC Waikiki, and DeFacto.
According to the report in T24, it is stated that Fi Triko's financial difficulties stemmed from economic factors such as rising interest rates and high financing costs. Although the company's owner, Mehmet Karabulut, applied to the court to extend the concordat period, his request was rejected. Following this, the court terminated the duties of the concordat commissioner board and approved the company's bankruptcy.
The company's financial statements could not be improved for some time, and the payment plans required to maintain cash flow could not be made. The bankruptcy of Fi Triko has caused serious concerns not only for the company but across Turkey's clothing sector in general.