A 67-year-old textile giant has gone bankrupt.

Emek Fabrics, one of Turkey's leading textile manufacturers, which produces fabrics for global brands such as Marks & Spencer, Naf Naf, Bestseller, Koton, and H&M, could not overcome the financial difficulties it faced during the concordat process.

FILED FOR BANKRUPTCY WITH A DEBT OF 500 MILLION

Emek Fabrics Foreign Trade Inc., which has been operating since 1957, had requested concordat last year for İbrahim Cüneyt Önügören, who is a shareholder of Emek Global Textile and Emekteks Foreign Trade.

According to a report by Halktv; The Bakırköy 1st Enforcement and Bankruptcy Office announced in a statement that as of October 23, 2024, it has ruled for the bankruptcy of Emek Fabrics Foreign Trade Construction and Industry Joint Stock Company.

The total debt of the subsidiaries operating under the Emek Group has been recorded as 500 million lira.

The closure of the company, which is one of Turkey's most important textile manufacturers, has raised concerns about the future of the sector. It was stated that the main reason for the company's bankruptcy was the general instability in the Turkish economy and the difficulties caused by high inflation.

KNOWN FOR ITS CONNECTION TO FOUNDER ERBAKAN

Osman Nuri Önügören, the founder of Emek Group, was involved in the establishment of the National Order Party with the late Prime Minister Necmettin Erbakan. Known as one of Erbakan's closest associates, Önügören passed away 7 years ago. Among those who bid farewell to Önügören on his final journey was President Recep Tayyip Erdoğan.