Concordat process begins for company manufacturing for global brands

The concordat process has begun for Fore AŞ, known for its exporter identity in the ready-to-wear and textile sector. It was reported that the company, which is stated to manufacture for world-renowned brands such as Armani, applied to the court due to a deterioration in its financial structure.

The decision of the company, managed by Selçuk Mehmet Kaya, a Board Member of the Istanbul Ready-to-Wear and Apparel Exporters' Association (İHKİB), has become one of the developments closely followed in the sector. It was stated that Fore AŞ realized 107 million dollars in exports in 2024.

Following the application, the court issued a 3-month temporary grace period decision for the companies and Selçuk Mehmet Kaya as of July 20, 2026. During this period, the concordat procedure aimed at restructuring the companies' debts will be implemented.

Among those who filed the lawsuit, in addition to Selçuk Mehmet Kaya, were Fore Uluslararası Pazarlama ve Ticaret A.Ş., Perge Tekstil İşletmeleri A.Ş., and TYH Uluslararası Tekstil Pazarlama Sanayi ve Ticaret A.Ş.

Prof. Dr. Hakan Taştan, Assoc. Prof. Dr. Murat Oruç, and Prof. Dr. Şeyma Çalışkan Çavdar were appointed as temporary concordat commissioners to manage the process. With the official announcement made on July 21, 2026, the legal period for creditors has also begun.

News Source: 12punto