STP Gıda, which manages the franchise operations of Özsüt, one of Turkey's long-established dessert and bakery brands, has entered the concordat process. The İzmir 3rd Commercial Court of First Instance has decided to implement a 3-month temporary grace period for the company.
The decision covers both STP Gıda and the company's Chairman of the Board, İbrahim Urlulu. The court decided to appoint a three-person temporary concordat commissioner board for STP Gıda and a one-person board for Urlulu to oversee the process.
With the temporary grace period decision, the initiation of new enforcement proceedings against the plaintiffs has been blocked. Ongoing enforcement proceedings have also been temporarily suspended. It was stated that these measures aim to protect the company's financial assets throughout the concordat review.
The Özsüt brand, which began in İzmir's Kemeraltı Bazaar in 1938, reached a wide network of branches in Turkey and abroad over the years. However, STP Gıda, which carries out the brand's franchise activities, had recently come to the agenda due to the closure of some stores and disruptions in employee wage payments.
The review to be conducted by the court during the concordat process will reveal whether the company's financial structure can be reorganized. How the application of STP Gıda will conclude will be closely watched in the food and retail sector.
News Source: 12punto
