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Mar 13 2019

Leading Turkish dessert shop, coffee chain apply for bankruptcy protection

A popular Turkish baklava chain and a coffee shop have applied for bankruptcy protection, pro-government Hürriyet newspaper reported on Wednesday.

One of the country’s most popular baklava chains, Haci Sayid, and international coffee shop, Gloria Jeans, which have 39 and 70 locations throughout the country, respectively, applied for bankruptcy protection on March 1, Hürriyet said.

Both companies, which cited a financial bottleneck for their applications, were given a stay from bankruptcy of three months, according to the daily.

Over 3000 Turkish firms have reportedly applied for bankruptcy protection due to the country’s ailing economy during 2018. The Turkish lira has plummeted around 30 percent against the dollar this year after tensions with the United States  over the summer sent the lira down over 40 percent. Meanwhile, inflation registered just below 20 percent threshold in February, driving prices and interest rates up, leaving many companies struggling to survive.