13.06.2025 16:21
The global economic crisis has led to the bankruptcy of numerous companies in Turkey, with the latest addition to the list being the Urgan Family, which was established in 1925 and has been producing shoes in Turkey for three generations. The family's most well-known brand in the industry is "Hammer Jack," while among the companies that have declared concordat are Efe Ayakkabıcılık, Panda Ayakkabıcılık, and Efe Otelcilik.
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The global economic crisis has led many companies in Turkey to file for concordat and bankruptcy. Among those declaring concordat are established companies and leading families in the economy, while the latest surprise news came from the Urgan Family, which has been producing shoes in Turkey for 100 years.
NO APPLICATION WAS MADE FOR THE "HAMMER JACK" BRAND
While two family members and three companies have requested concordat, no application was made for the flagship brand 'Hammer Jack'. The names and companies declaring concordat are as follows:
- Mehmet Ali Urgan
- Mehmet Dinçer Urgan
- Efe Footwear
- Panda Footwear
- Efe Hospitality
A 3-PERSON COMMITTEE HAS BEEN ASSIGNED
According to the decision of the Bakırköy 1st Commercial Court dated June 12, a 3-person concordat commissioner committee has been assigned to examine the company's financial statements. The inspections to be carried out during the 3-month temporary period and the report to be prepared will be effective in making the final decision regarding the three companies in question.
STATEMENT FROM THE URGAN FAMILY
A statement has also come from the Urgan family, which declared concordat. In the statement, it was said, "We have been in the shoe industry since 1925. In our long-standing history of over 100 years, we are one of the leading shoe brands in the industry that highlights unique design, total quality, and brand identity suitable for different lifestyles. We are a well-established brand serving with 600 dealers, 1000 corner shops, 10 franchise shops, and 10 overseas shops in various regions of Turkey. As the shoe brand HAMMER JACK, whose design and production are entirely made in Turkey, we export to many destinations around the world, combining production technology with the quality of craftsmanship.
By sourcing all our purchases from our domestic supplier partners, we have achieved a very rapid momentum in the shoe industry. We have reached turnover figures that have increased 30 times in 5 years. Our brand, which has spread across a wide geography from Germany to Kyrgyzstan, has grown so far through dealers opened with our own store concept. However, due to the recent cash flow tightness in the markets and the market interest rates rising well above predictable levels, our company has started to experience difficulties in short-term payments. This process has begun to affect our commercial activities as well.
In order to adapt to market conditions, we have initiated a restructuring process with the decision of the Board of Directors to make sustainable changes in our current payment structure, take some measures, and activate legal processes. In this regard, as of June 4, 2025, a precautionary decision has been taken by the court regarding our concordat request made by Attorney Muhammet Yusuf ARI to the competent Commercial Court. Our Hammer JACK brand, which sources all its supplies domestically and has embarked on an export journey, is a national value. The main purpose of our restructuring process is to protect the rights of our customers, suppliers, and dealers. This process will carry our brand forward with stronger and more determined steps."
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