After Hotiç and Yeşil Kundura, Beta Shoes also applied for concordato (bankruptcy certificate). The Chairman of the Board of Directors of the Company has announced the declaration of concordato, “Our company has started to experience difficulties in payments gradually. The process we are in has become an impact on our commercial activities." he said.
Beta Shoes, one of the important companies in the shoe industry, made concordato application. Taner İkiışık, Chairman of the Board of Directors of Beta Shoes and Industry, drawing attention to the increasing exchange rates, stated in his concerto application, our company began to experience gradual difficulties in payments. The process we are in has affected our business activities. Hotiç and Yeşil Kundura in the sector recently applied for concordato. Beta total of 400 employees in Turkey and has 50 shoe stores. The company is also a distributor of world-famous brands such as Wall Street, Caterpillar, Geox, Arctica, Sebago and Harley Davidson.
The announcement of the Chairman of the Board of Beta Shoe and Industry regarding the subject is as follows:
Due to the recent depreciation of the Turkish lira, cash flow congestion, and the fact that the leases in the shopping malls were carried out in foreign currency, our company began to experience gradual problems in payments. Our process has also affected our business activities. In order to adapt to the market conditions, we have initiated the process of restructuring with the decision of the Board of Directors in order to make sustainable changes in our current payment structure, take some measures and put legal processes into effect.
WHAT IS CONCORDATO (bankruptcy certificate)?
The aim of the debtors' debt restructuring is to improve the financial position of the debtors and to recover from the bankruptcy and to improve the financial condition of the other debtors; an agreement that provides the creditors with a certain discount or maturity.
Beta total of 400 employees in Turkey and has 50 shoe stores. The company is also a distributor of world-famous brands such as Wall Street, Caterpillar, Geox, Arctica, Sebago and Harley Davidson.