Textile giant that produces for world-famous brands in Turkey declares concordat

The concordat request for the Emek Group companies, which produce fabrics for the Turkish stores of world-famous brands, has been approved.

Founded in the Fatih district of Istanbul and known for selling carpets and furniture to many firms in Turkey, Emek Group also produced for global fashion giants including Zara, Marks & Spencer, Naf Naf, Bestseller, H&M, Gerry Weber, Koton, and Tom Taylor group companies.

DEBT OF 3 COMPANIES EXCEEDS 500 MILLION TL

Within the scope of the case heard at the Bakırköy 2nd Commercial Court of First Instance, the company, which previously had a very strong financial structure, was shaken due to economic instability. According to the petition filed in the case, sharp volatility in exchange rates, a 100% increase in costs, and credit interest rates reaching 60% disrupted the financial balance of the group companies. According to the case file, the debt of Emek Global is at the level of 334 million TL, Emek Kumaş's debt is 110 million TL, and Emekteks's debt is 81 million TL.

News Source: 12punto