Turkish Shoe Brand HK Kundura seeks Debt Restructuring, Faces Critical December Hearing
Istanbul, Türkiye – HK Kundura, formerly known as yeşil Kundura, is again seeking legal protection from creditors as it struggles with financial difficulties, the Istanbul Anatolian 2nd Commercial Court of First Instance confirmed. The company, a long-standing fixture in the Turkish footwear market, filed for concordat - a Turkish legal process for debt restructuring – and was initially granted a three-month reprieve in July. That protection has been extended for an additional two months, with a crucial hearing scheduled for December 2025.
The move marks the second time the company has sought concordat in recent years, previously filing in 2018 due to similar financial pressures. While Yeşil Kundura successfully completed its 2018 concordat process in December 2023, announcing a restored financial structure, the recovery proved short-lived. The company rebranded as HK Kundura – utilizing the initials of Chairman of the Board Hüseyin Kızanlıklı’s name – but continued to face economic headwinds.
Founded in 1948 by the Green Brothers as a small workshop, Yeşil Kundura grew to become one of TürkiyeS most recognized shoe brands, boasting a critically important domestic and international customer base. However, the company has been impacted by evolving economic conditions, rising costs, and increased competition.
The 2018 concordat temporarily halted foreclosure proceedings, allowing the company time to restructure its debts. The current bankruptcy protection order serves the same purpose. Despite the name change to HK Kundura, analysts suggest the underlying financial challenges remain, and the December hearing will be pivotal in determining the brand’s future.
