Major collapse among textile giants

Istanbul-based Gülsoy Tekstil and Sakarya-based Art Giyim have filed for concordat, unable to withstand financial distress. A one-year bankruptcy protection was granted to Art Giyim, while a temporary grace period decision was issued for Gülsoy Tekstil.

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Turkey's leading textile companies, including Gülsoy Tekstil and Art Giyim, have filed for concordat, unable to withstand financial pressures any longer. Courts have issued temporary bankruptcy protection decisions for both companies, granting a stay.issued.

The Istanbul 3rd Commercial Court of First Instance, for Gülsoy Tekstil and its partnersfora 3-monthtemporaryconcordat decisionwhile the Sakarya Commercial Court of First Instance, for Art Giyimfor a period of 1yeara final grace period was granted.

ART GİYİM HADCOMPLETELY HALTED PRODUCTION LAST YEAR

Operating in Sakarya,Art Giyim, which operates inlast year completely halted its productionand from the market had given signals of withdrawing. The court, considering the company'scurrentdifficult situation, decided that the concordat measuresruled that the process should continue and the concordat commissioner committee should remain in office.

3-MONTH TEMPORARYPROTECTION FORGÜLSOY TEKSTİLThe Istanbul-based

Gülsoy Tekstil andits company partners similarly declared concordat. The Istanbul 3rd Commercial Court of First Instance granted the firm a 3-month tem porary grace period.granted a temporary concordat grace period. During this process, to examine the company's financial structure, a 3-personcommissioner panel wasappointed.

CONCORDAT ALARM IN THE SECTOR

CHP NiğdeDeputy Ömer Fethi Gürer drew attention to the recent increase intextile companies declaring bankruptcy. According to Gürer, in the last 7years, 298 textile and 81 clothing companies have declared bankruptcy. In the 2022-2024period alone, 145,000 textileworkerslost theirjobs. It is stated that another 30,000 people were added to this number in the first 6 months of 2025.

Economist İris Cibre emphasized that the bankruptcies create a "domino effect" that affects not only the companies involved but also their suppliers,employees,and the financial institutions that provided credit. In a statement made on her social media account, Cibrestatedthat the economicadministrationhas been slow to take structural measures.stated that.

News Source: 12punto