{"id":147158,"date":"2025-06-06T19:21:55","date_gmt":"2025-06-06T19:21:55","guid":{"rendered":"https:\/\/teknomers.com\/en\/the-economic-heavyweight-shuts-down-two-factories-simultaneously-teknomers\/"},"modified":"2025-06-06T19:21:58","modified_gmt":"2025-06-06T19:21:58","slug":"the-economic-heavyweight-shuts-down-two-factories-simultaneously-teknomers","status":"publish","type":"post","link":"https:\/\/teknomers.com\/en\/the-economic-heavyweight-shuts-down-two-factories-simultaneously-teknomers\/","title":{"rendered":"The economic heavyweight shuts down two factories simultaneously. Teknomers."},"content":{"rendered":"\n
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The \u00a0high interest rates\u00a0 implemented in Turkey have made it nearly impossible for numerous companies to access affordable financing, leading to a surge in \u00a0bankruptcies\u00a0 and \u00a0insolvencies\u00a0. In the first five months of the year, the number of companies filing for \u00a0concordat\u00a0 increased by a staggering \u00a097%\u00a0 compared to the same period last year, reaching \u00a0967\u00a0. The \u00a0textile industry\u00a0 emerged as the most vulnerable sector, registering \u00a071\u00a0 concordats.<\/p>\n

Recent news from \u00a0Baltal\u0131 Group\u00a0 highlighted the shock waves reverberating through the textile sector, following a series of bankruptcies and the shift of large-scale companies\u2019 production to Egypt.<\/p>\n

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TURKEY’S LEADING TEXTILE COMPANY CLOSES TWO FACTORIES<\/strong><\/p>\n

Deniz Tekstil, one of Turkey’s largest textile firms under the Baltal\u0131 Group, announced the closure of its factories in \u00a0Hocalar\u00a0 in Afyonkarahisar and \u00a0\u00c7al\u00a0 in Denizli due to financial troubles. According to a report from \u00a0DRT TV\u00a0 by \u0130brahim Alayont, the decision to close the two production facilities was influenced by the contraction experienced in the textile market.<\/p>\n

\u201cIF ORDERS INCREASE, WE WILL REOPEN THE FACTORIES\u201d<\/strong><\/p>\n

Derya Baltal\u0131, Chairman of the Group’s Board, stated that the clothing factories in Afyon\u2019s Hocalar district and Denizli\u2019s \u00c7al district were shuttered due to dwindling orders and difficult economic conditions. She commented, \u201cIf orders increase, we will reopen the closed facilities. The decision to close the factory we opened in \u00c7al in 2018 is not related to any political or local governmental issues.\u201d<\/p>\n

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\u201cWE HAVE LOST OUR COMPETITIVENESS DUE TO THE ECONOMIC PROGRAM\u201d<\/strong><\/p>\n

Baltal\u0131 emphasized that the high interest rates and difficult access to financing have placed industrialists in a challenging position. \u201cThe high interest rates and limited access to financing are significant problems. Financial institutions view the textile market as troubled and are reluctant to extend credit. Unfortunately, the textile and clothing sector exemplify this situation. Last year, we temporarily closed our production in Hocalar for five months due to declining demand; we reopened on January 1, 2025. However, as demand has weakened further, we have made the decision to close our production facilities in Hocalar and \u00c7al. Solutions do exist, but unfortunately, we have lost our competitiveness long ago. The implemented programs have led to this loss. We have succumbed to inflation, disinterest in demand, and currency instability. As long as currency appreciation does not keep pace with inflation, this situation is likely to persist. If orders increase, we will reopen the facilities we closed. The first places to reopen will be here,\u201d she stated.<\/p>\n

\u201cTHERE ARE 3,000 FACTORIES FOR SALE IN TURKEY\u201d<\/strong><\/p>\n

Baltal\u0131 provided critical insights regarding the ongoing crisis in Turkey, indicating that approximately \u00a03,000 factories\u00a0 are currently up for sale in the country, with an equal number also available for rent. This number is expected to rise in the near future. She questioned how the country reached this point, stressing that without industry, there can be no working class, and the middle class cannot emerge. \u201cWithout disenfranchising industrialists, it would be greatly beneficial for our cities and the nation to regain a status where they invest, produce, and export,\u201d she concluded.<\/p>\n<\/div>\r\n
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General News – 1<\/a>","protected":false},"excerpt":{"rendered":"

The \u00a0high interest rates\u00a0 implemented in Turkey have made it nearly impossible for numerous companies to access affordable financing, leading to a surge in \u00a0bankruptcies\u00a0 and \u00a0insolvencies\u00a0. In the first five months of the year, the number of companies filing for \u00a0concordat\u00a0 increased by a staggering \u00a097%\u00a0 compared to the same period last year, reaching […]<\/p>\n","protected":false},"author":1,"featured_media":147159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-147158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/147158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/comments?post=147158"}],"version-history":[{"count":0,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/147158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media\/147159"}],"wp:attachment":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media?parent=147158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/categories?post=147158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/tags?post=147158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}