21.07.2025 08:00
Istanbul-based Gülsoy Tekstil and Art Giyim, which operates in Sakarya, have filed for concordat due to financial difficulties. Art Giyim has been granted one year of bankruptcy protection, while a three-month temporary stay order has been issued for Gülsoy Tekstil.
One of Turkey's long-established textile brands, Gülsoy Tekstil and Art Giyim, has filed for concordat as it could no longer withstand the increasing economic pressures. The courts have granted temporary bankruptcy protection for both companies. Gülsoy Tekstil was given a 3-month temporary concordat period by the Istanbul 3rd Commercial Court, while Art Giyim received a definitive deadline of 1 year from the Sakarya Commercial Court.
ART GİYİM HAD STOPPED PRODUCTION
Art Giyim, operating in Sakarya, had completely halted its production last year and had shown signs of withdrawing from the market. The court ruled for the continuation of the concordat measures, taking into account the difficult situation the company was in, and allowed the concordat commissioner board to continue its duties.
3-MONTH TEMPORARY PROTECTION FOR GÜLSOY TEKSTİL
Gülsoy Tekstil, based in Istanbul, and its partners similarly declared concordat. The Istanbul 3rd Commercial Court granted the company a 3-month temporary concordat period. During this process, a 3-member commissioner board was appointed to examine the company's financial structure.
ALARM IN THE SECTOR
CHP Niğde Deputy Ömer Fethi Gürer drew attention to the increase in textile companies declaring concordat recently. According to Gürer, in the last 7 years, 298 textile and 81 clothing companies have declared concordat. Only in the period from 2022 to 2024, 145,000 textile workers lost their jobs. It is reported that an additional 30,000 people were added to this number in the first 6 months of 2025.