Turkish Shoe Brand HK Kundura seeks Debt โฃRestructuring, Faces Critical December Hearing
Istanbul, Tรผrkiye – HK Kundura, formerly known as yeลil Kundura, is againโ seeking legal protection from creditorsโฃ as it struggles with financial difficulties, the Istanbul Anatolian 2ndโค Commercial โCourt of First Instance confirmed. The company, a long-standing fixture in the Turkish footwear market,โ filedโ for concordat -โข aโ Turkish legal process for debtโ restructuring – and was initially granted a three-month reprieve in โคJuly. That protection has beenโ extended for โan additional two months, with a crucial hearing scheduledโ for December 2025.
The move marks the second time the company has sought concordat in recent years, previously filingโฃ in 2018 due to similar financial pressures. While Yeลil Kundura successfully completedโ its 2018 concordat process in December 2023, โannouncing a restored financial structure, the recoveryโค proved short-lived. โThe companyโ rebranded as HK โฃKundura – utilizing โขthe initialsโฃ of Chairman of the Board Hรผseyin Kฤฑzanlฤฑklฤฑ’s โname – but continuedโ to face economicโ headwinds.
Foundedโ in 1948 byโ the Green Brothers as a small workshop, Yeลil Kundura grew to become one of TรผrkiyeSโฃ most recognized shoe brands, boasting a critically important domestic and international customer โbase. However, the company has been impacted by evolving economic conditions, rising costs, and increased competition.
The 2018 โคconcordat temporarily โhaltedโ foreclosure proceedings, allowing the company time to restructure its โdebts. The current bankruptcy โprotection order serves the same purpose. Despite the name change to HK Kundura, analysts suggest the underlying financialโ challenges remain, and the December hearing will be pivotal in determining the brand’s future.