Three Turkish firms apply for bankruptcy protection
Three Turkish apparel retailers have applied for bankruptcy protection, independent news site Diken reported on Friday.
Taşkınırmak Giyim, which has over 150 locations across Turkey, Marka Park and Vepa Spor applied for bankruptcy protection citing a financial bottleneck for their applications and were given a stay from bankruptcy of three months, according to Diken.
The Turkish lira slumped about 28 percent against the dollar last year, and a further 13 percent since the beginning of 2019. Lira's loss of its value against the dollar left Turkish firms saddled with higher foreign currency debts.
More than 3,000 Turkish firms reportedly applied for bankruptcy protection in 2018 as Turkish companies struggled with financial problems.
Treasury and Finance Minister Berat Albayrak said in a Twitter post on March 7 the number of Turkish firms applying for bankruptcy protection fell by half in February, while 318 firms are no longer under emergency protection, signalling a recovery from the downswing.