18.08.2026 16:10
The financial crisis is deepening at Vestel, one of Turkey's leading white goods and electronics manufacturers. According to the latest data released by the company, sales have nearly halved, while total debt has exceeded 172 billion Turkish Lira. In the last year and a half, approximately 8,000 employees have been laid off.
The economic difficulties experienced in Turkey's industrial sector have weighed heavily on the financial statements of Vestel Elektronik, the technology and white goods giant operating under Zorlu Holding. The company announced massive losses back-to-back and was forced to downsize, parting ways with thousands of its personnel.
SALES COLLAPSED, TURNOVER HALVED
According to the news in Nefes; based on the financial data shared by Vestel, the company announced a loss of 6.9 billion TL in the second quarter of 2026. The total loss in the first half of 2026 reached 10.3 billion TL. In the same period last year, this figure was 17.6 billion TL.
A major erosion was also seen in the company's turnover. In the first 6 months of 2026, turnover experienced a sharp decline of 47.8 percent compared to the same period last year, falling from 89.8 billion TL to 46.9 billion TL.
TOTAL DEBT EXCEEDED 172 BILLION TL
The company, which also suffered significant losses in previous years, closed 2024 with a loss of 14.2 billion TL and 2025 with a loss of 31.1 billion TL. Following consecutive losses, Vestel's total debt burden reached striking dimensions. As of June 30, 2026, the company's total debt was recorded as 172.4 billion TL.
PARTED WAYS WITH THOUSANDS OF EMPLOYEES IN ONE AND A HALF YEARS
This negative trend in the financial statements also directly impacted employment. Over the past two and a half years, there has been a radical decrease in the number of personnel within the scope of the company's downsizing policy.
According to the data; the number of personnel, which was 19,509 at the end of 2024, decreased to 12,677 at the end of 2025, and to 11,822 as of June 2026. Thus, in the last one and a half years, there has been a massive 39.4 percent decrease in the company's number of employees.
MAJOR LOSS IN EXPORTS AND DOMESTIC MARKET
Vestel Elektronik, which operates in the fields of electronics, white goods, digital products, and mobility electronics, saw its revenues in both domestic and foreign markets decrease significantly. In the first half of the year, gross domestic sales revenues decreased by 40 percent compared to the same period last year, while foreign (export) sales revenues experienced a sharp loss of 52 percent.