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5/17/15

Turkey: Economy Depressed - Nearly 14,000 companies close in 4 months says TOBB

A total of 13,926 commercial enterprises closed down between January and April of this year, according to a statement released by the Turkish Union of Chambers and Commodity Exchanges (TOBB) on Friday.

TOBB also cited a decline in the number of new enterprises founded in April compared to the previous month. The number of firms closing down in April of this year increased 6.43 percent compared to April of last year.

During this period 24,094 firms and cooperatives were founded in Turkey. A total of 1,557 enterprises were founded by foreign nationals, with more than a quarter of these being Syrian citizens.

This week it was reported that major clothing chain Seven Hill was declared officially bankrupt, while the Elgin Group, a prominent citrus exporter, went under after accumulating TL 300 million in debt.

A number of high-profile firms have gone bankrupt this year, particularly those holding debt in foreign currency that has rapidly expanded as the lira weakened during the first four months of the year.

Read more: TOBB: Nearly 14,000 companies close in 4 months

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