Mass Layoffs at Vestel

2,000 Employees to Be Dismissed

This figure represents 10% of the total workforce at Vestel Elektronik.

Zorlu Holding CEO Ömer Yüngül confirmed both the layoffs and the asset sales, including land, stating that the decision was related to efficiency.

In April, Moody’s downgraded the company’s credit rating to Caa1, citing concerns over weakening liquidity and operational performance. Vestel reported a net loss of 5 billion Turkish lira in the first quarter, and its shares have lost more than 40% of their value this year.

According to Bloomberg, Zorlu and other Turkish companies are under pressure, with narrowing profit margins due to financing costs. Inflation is also a significant challenge for companies.

Source: Dünya Gazetesi