21.05.2025 13:50
Company officials made a statement regarding the claims that Zorlu Center Shopping Mall would be sold. In the statement made to the Public Disclosure Platform, the claims were denied, and it was noted that the dismissal of two thousand employees within Vestel aims to increase operational efficiency, optimize resource use, and support sustainable growth.
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Vestel Electronics, a subsidiary of Zorlu Holding, is planning to lay off 2,000 employees, which corresponds to approximately 10% of its total workforce. Following this news, there was a new statement from the holding regarding claims that the shopping mall section of Zorlu Center, located in Mecidiyeköy, Istanbul, with a cost of approximately 3.5 billion dollars including land value, would be sold.
CLAIMS ABOUT THE SALE OF THE SHOPPING MALL HAVE BEEN DENIED
In a statement made to the Public Disclosure Platform, the claims were denied, and it was stated that the layoff of 2,000 employees within Vestel aims to increase operational efficiency, optimize resource use, and support sustainable growth. The statement included the following expressions:
In some news sites, regarding the press statements of our Group's CEO, Mr. Ömer Yüngül, dated 20.05.2025; it has become necessary to make the following statement under the 9th article of the Capital Markets Board's II-15.1 Communiqué on Special Situations titled "Verification of News and Rumors":
Our company fulfills its financial debt repayment obligations fully and on time.
The layoffs mentioned in the news are limited and are being carried out in accordance with our company's strategic goals to increase operational efficiency, optimize resource use, and support sustainable growth, while respecting all legal rights of our employees within the framework of legal regulations. As of the current situation, there is no circumstance that exceeds the materiality thresholds required by capital market regulations.
“THERE IS NO SALE DECISION”
Due to the absence of any issue regarding the sale of our company’s assets on the agenda, there is no board decision taken as of today, and our company has no relation to the mentioned news. Any potential asset sales will be evaluated specifically for our Company as needed in the ordinary course of business.
Our company is closely monitoring opportunities in the American market as part of our revenue policy and regional diversification of revenue, and our discussions with potential customers regarding various collaborations are ongoing. Developments on the subject will be shared with the public fully and in a timely manner.
2,000 PEOPLE WILL BE LAID OFF
On the other hand, a major wave of layoffs has begun at Zorlu Holding, which has drawn attention with a debt burden of 4.9 billion dollars. Vestel Electronics, a subsidiary of the holding, has decided to lay off 2,000 employees, which corresponds to approximately 10% of its total workforce.
“FOR COMPLETE EFFICIENCY”
Zorlu Holding CEO Ömer Yüngül evaluated the debt restructuring news for Bloomberg HT. "The layoff of 2,000 people is true, but it is entirely for efficiency... The layoff of 2,000 people at Vestel will not negatively affect production capacity; on the contrary, it will increase. We see a sustainable three multiplier in the ratio of debt to EBITDA," Yüngül stated, adding that there is no problem regarding debt repayment.
VESTEL HAS TURNED ITS TARGET TO THE USA
Yüngül said, "We are a strong group in exports, and we will be better with efficiencies. Our goal is to be more effective in markets outside of Europe, especially in the US market." Speaking about investments, Yüngül added, "Serious opportunities are coming from the US right now, and we are evaluating them. We have turned our resources and investments to the US, and we will receive good news in September."
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