01.09.2026 11:10
Avesta Home Appliances, a long-established small home appliances brand producing in Istanbul Esenyurt since 1990, has applied to the court as it could not overcome the deep financial bottleneck it entered. The court granted a temporary respite decision for the company, whose revenues shrank sharply by 62 percent in the last year.
A company with 36 years of history, producing a wide range of small household appliances such as tea and coffee machines, samovars, grills, toasters, food processors, blenders, and deep fryers, has resorted to concordat after failing to overcome its financial difficulties. Evaluating the company's request, the Istanbul 3rd Commercial Court of First Instance granted a provisional respite period in favor of Avesta Home Appliances and appointed concordat commissioners to conduct and supervise the process.
CALL MADE TO CREDITORS
In the court ruling, a call was made to creditors in accordance with Article 288 of the Execution and Bankruptcy Law. It was stated that creditors objecting to the decision could apply to the court with a petition within a strict 7-day period from the announcement of the decision, and could request the rejection of the request by presenting evidence that the company does not have a situation requiring a concordat respite period.
INCOME MELTED BY 62 PERCENT
The official data reflected on the company's tax certificate revealed the extent of the financial collapse in figures. The dramatic decline in the tax base and tax assessment table of Avesta Home Appliances in recent years drew attention.
According to official records, while the company had a tax of 92,198 lira on a tax base of 368,794 lira in 2023, this figure reached a tax base of 3,414,302 lira and a tax of 853,575 lira in 2024. However, by 2025, its tax base decreased to 1,290,471 lira, and the assessed tax fell to 322,617 lira. The data showed that the company's revenues decreased by approximately 62 percent in 2025 compared to 2024, and this sharp decline was one of the biggest factors triggering the concordat process.