07.07.2026 10:30
Sir Ready-to-Wear, one of Turkey's long-established textile manufacturers, has filed for concordat due to financial difficulties. While the Izmir 2nd Commercial Court of First Instance granted the company a 3-month provisional period, the company, which produces for many global brands and employs over 400 people, is expected to continue its operations during this process. Sir Ready-to-Wear has applied for concordat protection for the second time after 2018.
Fluctuations in the global economy and the contraction in the textile sector continue to challenge Turkey's established ready-to-wear manufacturers. Sir Hazır Giyim Tekstil Sanayi ve Ticaret Limited Şirketi, based in Izmir, has applied to the court for composition with creditors in order to reorganize its financial structure.
COURT GRANTS PROVISIONAL STAY ORDER
The Izmir 2nd Commercial Court of First Instance, evaluating the application, ruled that the documents submitted in the case were sufficient under the Enforcement and Bankruptcy Law and decided to grant the company a 3-month provisional stay order effective from July 3, 2026.
The court also appointed certified public accountant and financial advisor Dilek Turan Ertaşkın and legal expert Yaşar Can Göksoy as provisional composition commissioners to ensure the healthy conduct of the composition process.
According to the decision, creditors may object within 7 days from the date of publication. The next hearing of the case will be held on September 30, 2026.
PRODUCES FOR WORLDWIDE FAMOUS BRANDS
Starting its operations as a small tailor workshop in Izmir in 1967, Sir Hazır Giyim has become one of Turkey's major ready-to-wear manufacturers over the years.
Owned by businessperson Birsen Bal, the company, under the management of Board Chairman Ali Duran, produces men's jackets and trousers at its approximately 9,000 square meter facility in Gaziemir.
The company produces for international brands such as Armani Collezioni, Versace Collection, Dstrezzed, Brax, and s.Oliver, as well as leading Turkish brands like Abdullah Kiğılı, Ramsey, KİP Gürmen, and Paulmark.
Employing over 400 workers, the company exports to many countries, primarily Europe and the Middle East. Sir Hazır Giyim was awarded the silver prize at the Stars of Ready-to-Wear and Apparel Export Award Ceremony held in 2024.
ENTERS COMPOSITION PROCESS FOR SECOND TIME
The composition request covers not only Sir Hazır Giyim but also its subsidiary Kostüm Giyim.
The company had previously applied for composition in 2018 due to economic difficulties, recovered its financial structure, and continued its operations.
Having applied for composition protection for the second time due to rising production costs, difficulties in accessing financing, and a slowdown in global demand, the company aims to strengthen its financial structure by continuing production during the provisional stay period.