Another textile company has closed its doors!

High inflation rates, decreasing purchasing power and increasing production costs in Turkey have deeply shaken many sectors. The textile sector has also been affected by this crisis.

Founded in Istanbul in 2019 and quickly making a name for itself, Sunrise Design went bankrupt due to rising inflation, decreasing purchasing power and rising costs.

The court process against the company was being carried out by the Istanbul 1st Commercial Court of First Instance. The company applied for a composition in order to avoid bankruptcy in May last year.

The court decided on a temporary extension on May 24, 2024. However, as a result of the evaluations made after the extended temporary extensions, it was revealed that the company's financial structure could not be corrected and it would not be able to pay its debts.

The court ruled for the bankruptcy of the company. The court also ruled for the temporary respite and all measures to be lifted and for the composition commissioner to be dismissed from duty.