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Feb 27 2019

Turkish do-it-yourself chain applies for bankruptcy protection

A Turkish commerce court granted Uygulama Yapı Marketleri Inc., a Turkish company which owns the do-it-yourself chain Praktiker, temporary bankruptcy protection, Diken news site reported on Wednesday

The company, which has 16 stores in Turkey, was granted bankruptcy protection for two months after its application citing a negative financial outlook, Diken said.

The chain was bought by the Uygulama Yapı Marketleri Inc., following the decision of German Praktiker AG  to withdraw from Turkey in 2014

Over 3000 Turkish firms have reportedly applied for bankruptcy protection due to the country’s ailing economy during 2018. The Turkish lira lost up to 40 percent value against the U.S. dollar in August, following a diplomatic row between Washington and Ankara.