Turkey's famous brand Sütçü Yusuf Farm has declared bankruptcy protection.

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The dairy giant struggling with the global economic crisis has filed for bankruptcy protection. The Sütçü Yusuf Farm, based in Istanbul, has requested bankruptcy protection due to economic difficulties.

3-MONTH TEMPORARY STAY DECISION

While the court has issued a 3-month temporary stay decision regarding the company, it has been reported that the products produced by the firm, which are sold in many supermarket chains, have recently been removed from sale.

According to a report in Ekonomim; the high inflation and economic instability seen in Turkey are causing many businesses to close one after another. The Sütçü Yusuf Farm, which has entered a financial bottleneck due to high interest rates, has filed for bankruptcy protection for its brand, which is valued at over 100 million lira.

The Istanbul 2nd Commercial Court, after reviewing the bankruptcy application, has issued a 3-month temporary stay decision regarding the firm, and it has been learned that many meat and dairy products produced by the company have recently stopped being sold in supermarket chains.

WILL CLOSE BRANCHES ONE BY ONE

The firm, which has its own sales stores in Kemerburgaz and Başakşehir, has learned that in addition to halting product sales in chain markets, it may also close these branches. With the precautionary decision given, a three-person temporary bankruptcy commissioner board has been appointed to oversee the company's activities.