Two major textile companies have gone bankrupt
Two prominent companies that have operated in Turkey's textile sector for many years have gone bankrupt by court order. Naz Örme Kumaş and Fame Tekstil have lost their positions in the industry.
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The Bakırköy 2nd Commercial Court of First Instance has ruled for the bankruptcy of Naz Örme Kumaş ve Tekstil Sanayi A.Ş. and Fame Tekstil A.Ş. The bankruptcy process for both companies was initiated on the same day.
The court ruled that the bankruptcy liquidation be carried out according to the "ordinary liquidation" procedure and that the duties of the concordat commissioner board be terminated. Furthermore, it was decided that all measures taken within the scope of the file be lifted.
Naz Örme Kumaş was established in 1996 and was known as one of Turkey's leading companies in knitted fabric production. The company, which had a monthly production capacity of 800 tons with 45 knitting machines, operated in its 10,000-square-meter facility. Supplying fabric to world-renowned brands such as H&M, Zara, and Marks & Spencer, the firm was among Turkey's important ready-to-wear suppliers.
Fame Tekstil, on the other hand, had been producing apparel since 1992 and had a monthly ready-to-wear production capacity of 300 thousand units. The company carried out production for both domestic and international brands.
With the court's decision, the concordat process for both companies has ended, and the bankruptcy liquidation has been officially initiated.