20.05.2025 12:51
Zorlu Holding's Vestel Electronics plans to lay off 2,000 employees, which accounts for approximately 10% of its total workforce. In a statement regarding the matter, Zorlu Holding CEO Ömer Yüngül said, "It is true that we will lay off 2,000 people, but it is entirely for the sake of efficiency."
With a debt burden of 4.9 billion dollars, Zorlu Holding has begun a wave of major layoffs. Vestel Electronics, which is part 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 commented on the debt restructuring news to Bloomberg HT. "It is true that 2,000 people will be laid off, but it is for complete efficiency... The layoff of 2,000 people at Vestel will not negatively affect production capacity; on the contrary, it will increase. We see a three-fold ratio of debt to EBITDA as sustainable," Yüngül stated, adding that there is no problem with 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, "We are currently receiving very serious opportunities from the US, and we are evaluating them. We have shifted our resources and investments to the US, and we will receive good news in September."