Furniture retailer Crate and Barrel pulls out of Turkey
U.S. furniture retailers Crate and Barrel will be withdrawing from the Turkish market according to Turkey’s OdaTV.
The company, which opened its first Turkish store in 2014, had aimed to have 7 stores operating in Turkey by the end of this year. However, a 30% tax on imported furniture, the weak Turkish lira and a contracting economy made it impossible for the company to continue operating.
The stores will close their doors for good on Sunday 25th March. Between 200-300 jobs will be lost as a result of the closures.
Crate and Barrel's departure makes it the latest international brand to leave Turkey, as concerns over political developments undermine confidence in the economy.