{"id":56347,"date":"2023-10-18T14:40:53","date_gmt":"2023-10-18T11:40:53","guid":{"rendered":"http:\/\/www.textilegence.com\/?p=56347"},"modified":"2023-10-18T14:42:13","modified_gmt":"2023-10-18T11:42:13","slug":"is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry","status":"publish","type":"post","link":"https:\/\/www.textilegence.com\/en\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\/","title":{"rendered":"Is a new wave of bankruptcies coming to the textile industry?\u00a0\u00a0"},"content":{"rendered":"\n

The textile sector<\/a>, one of the sectors most affected by the contraction in global demand, increasing costs and inflation, is experiencing difficult times. One after the other, the well-established companies of the sector in T\u00fcrkiye are announcing concordat and bankruptcy. These include important manufacturers such as Emek Kuma\u015f, Kale \u0130plik and \u00dc\u00e7y\u0131ld\u0131z Tekstil, which have been operating in the market for many years. In 2008, during the global crisis, many textile enterprises were closed down and these companies were seized by banks in return for their debts. Market experts explain that a similar situation will not occur in the coming period, but businesses that fail to overcome their problems will continue to close down.\u00a0<\/p>\n\n\n\n

Emek Global Tekstil Sanayi ve Ticaret Limited \u015eirketi, Emek Kuma\u015f D\u0131\u015f Ticaret \u0130n\u015faat ve Sanayi A.\u015e. and Emekteks D\u0131\u015f Ticaret Limited \u015eirketi under Emek Group, whose foundation dates back to 1957, have requested concordat. Bak\u0131rk\u00f6y 2nd Commercial Court of First Instance appointed a temporary concordat commissioner committee of 3 people to the company. Founded in 1980 and one of T\u00fcrkiye\u2019s leading fabric and yarn manufacturers and suppliers, Emek Kuma\u015f manufactures fabrics for brands such as Marks and Spencer, Gerry Weber, Koton and Tom Taylor. <\/p>\n\n\n\n

Kale \u0130plik Sanayi ve D\u0131\u015f Ticaret A.\u015e., F\u0131rat Elyaf Sanayi ve Ticaret A.\u015e. and Fiberteks Tekstil Sanayi ve D\u0131\u015f Ticaret A.\u015e. were among the other companies requested for concordat. Tekirda\u011f Commercial Court of First Instance granted a three-month temporary respite for the companies and appointed a commissioner for the supervision of company activities. Kale \u0130plik A.\u015e. is the main company of the group and its main field of activity is yarn production. F\u0131rat Elyaf A.\u015e., the other company of the group, produces raw materials through recycling, while Fiberteks Tekstil San. ve D\u0131\u015f Tic. A.\u015e. operates domestic and international marketing of manufactured yarns. The Group employs a total of 500 people in hese fields of activity. The company exports 70% of its total production to more than 50 countries from different parts of the world, mainly Europe, the Middle East and the USA, and sells 30% of it in the domestic market. <\/p>\n\n\n\n

With the decision of the 11th Civil Chamber of the Antalya Regional Court No. 2019\/667 E. 2020\/362 K., \u00dc\u00e7y\u0131ld\u0131z Tekstil Giyim San. ve Tic. Ltd. \u015eti. was decided to be bankrupt.  <\/p>\n\n\n

\n
\"Is
Turkish textile industry expects urgent support from the government  Image Source: Emek Kuma\u015f<\/figcaption><\/figure>\n<\/div>\n\n\n

Turkish textile industry expects urgent support from the government <\/h2>\n\n\n\n

The Mediterranean Textile and Raw Materials Exporters\u2019 Association (ATH\u0130B<\/a>) Chairman of the Board of Directors Fatih Do\u011fan stated that the increase in costs, decrease in purchasing power, decrease in demand and high inflation have deeply affected the sector and that they expect an urgent support package from the government. Pointing out that the Turkish textile industry has largely lost the gains it has achieved in international markets to Indonesia, Turkmenistan, Uzbekistan, Bangladesh and China, Do\u011fan noted that most of the factories producing yarn in T\u00fcrkiye have closed down, while the enterprises struggling to survive can operate with a capacity of 30 percent.\u00a0<\/p>\n\n\n\n

\u201cTurkish cotton has become the cheapest cotton in the world\u201d <\/h2>\n\n\n\n

Fatih Do\u011fan also commented on the effect of this situation on cotton prices: \u201cIn the current situation, the crisis that emerged because the spinning mills had a very difficult time surviving and maintaining their production also affected the cotton market. Since our factories cannot manufacture, they cannot buy the cotton of the producers. Our producers are also trying to export their cotton abroad at the price they can find, which naturally leads to a decrease in prices. Now, Turkish cotton has become the cheapest cotton in the world.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

The textile sector, one of the sectors most affected by the contraction in global demand, increasing costs and inflation, is experiencing difficult times. One after the other, the well-established companies of the sector in T\u00fcrkiye are announcing concordat and bankruptcy. These include important manufacturers such as Emek Kuma\u015f, Kale \u0130plik and \u00dc\u00e7y\u0131ld\u0131z Tekstil, which have […]<\/p>\n","protected":false},"author":26,"featured_media":56340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9859],"tags":[10369,12450],"class_list":{"0":"post-56347","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-topical","8":"tag-textile-news-en","9":"tag-topical"},"yoast_head":"\nIs a new wave of bankruptcies coming to the textile industry? - Textilegence<\/title>\n<meta name=\"description\" content=\"The textile sector, one of the sectors most affected by the contraction in global demand, increasing costs and inflation, is experiencing...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.textilegence.com\/en\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is a new wave of bankruptcies coming to the textile industry?\u00a0\u00a0\" \/>\n<meta property=\"og:description\" content=\"The textile sector, one of the sectors most affected by the contraction in global demand, increasing costs and inflation, is experiencing difficult times.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.textilegence.com\/en\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Textilegence Magazine and Digital Platform\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TextilegenceMagazine\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/TextilegenceMagazine\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-18T11:40:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-18T11:42:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.textilegence.com\/wp-content\/uploads\/2023\/10\/tekstil-textilegence-kale-iplik.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ya\u011fmur Melis \u015eim\u015fek\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/textilegence\" \/>\n<meta name=\"twitter:site\" content=\"@textilegence\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ya\u011fmur Melis \u015eim\u015fek\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\\\/\"},\"author\":{\"name\":\"Ya\u011fmur Melis \u015eim\u015fek\",\"@id\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/#\\\/schema\\\/person\\\/cfa6baf17f0478131c673c93a9b88ef3\"},\"headline\":\"Is a new wave of bankruptcies coming to the textile industry?\u00a0\u00a0\",\"datePublished\":\"2023-10-18T11:40:53+00:00\",\"dateModified\":\"2023-10-18T11:42:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\\\/\"},\"wordCount\":627,\"publisher\":{\"@id\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.textilegence.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/tekstil-textilegence-kale-iplik.jpg\",\"keywords\":[\"textile news\",\"topical\"],\"articleSection\":[\"Topical\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\\\/\",\"url\":\"https:\\\/\\\/www.textilegence.com\\\/en\\\/is-a-new-wave-of-bankruptcies-coming-to-the-textile-industry\\\/\",\"name\":\"Is a new wave of bankruptcies coming to the textile industry? 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