Turkey's textile giant has declared bankruptcy protection.

Granz Moda, one of Istanbul's leading textile brands, had to face financial difficulties by declaring concordat. Granz, which has two prestigious stores in Fatih, aimed to open stores in major cities like New York and Rome as part of its goals to expand into international markets. However, the effects of the global economic crisis negatively impacted Granz, as it did many local producers.

A TRUSTEE WILL BE APPOINTED TO THE TEXTILE GIANT

Granz Textile Industry and Trade Inc. applied to the Istanbul 1st Commercial Court for a concordat request in exchange for its receivables. The court accepted the company's request and approved the declaration of concordat. This process will continue with the appointment of a trustee to Granz Moda's administration.

Granz Moda had established a significant place in the sector as a brand known for its quality and stylish clothing collections for years. Especially the designs that gained the appreciation of both local and international customers contributed to the rapid growth of the brand. However, recent economic fluctuations led to financial difficulties, which affected the company's growth plans.

IT PLANNED TO EXPAND INTO THE WORLD

The company's goal of opening stores in New York and Rome demonstrated its desire to strengthen its position in the global market. However, the suspension of these plans has deeply saddened employees and customers in the textile sector. The challenges faced by Granz Moda serve as a warning for other companies in the textile industry.