Turkey's 78-Year-Old Shoe Giant Yeşil Kundura Declared Bankrupt

A significant chapter in Turkey's footwear industry has closed with the official bankruptcy declaration of HK Kundura, widely recognized by its former name, Yeşil Kundura. This venerable brand, with roots stretching back to 1948, has succumbed to mounting financial pressures, marking a somber moment for a company that was once a household name.

The Istanbul Anadolu 2nd Commercial Court's decision on April 9, 2026, to end the company's conciliation process and declare bankruptcy signifies the end of a long struggle. Despite receiving temporary relief and additional protection measures in July, the company, led by owner Hüseyin Kızanlıklı, was unable to navigate its severe financial difficulties. This marks a stark contrast to 2018, when the firm successfully emerged from a similar conciliation process.

Yeşil Kundura's legacy is deeply intertwined with the retail landscape of Istanbul, particularly its large store beneath the iconic Cevizlibağ building. Founded by the Yeşil Brothers in a small workshop, it grew to become one of the most recognized names in Turkish shoe retail. However, in recent years, escalating financial challenges forced the company into a restructuring phase, leading to its rebranding as HK Kundura in 2025 in an attempt to revitalize its operations.

Tragically, these efforts proved insufficient to save the 78-year-old enterprise. The financial woes extend beyond the shoe company, as Yeşil GYO, an affiliate within the same group, also declared bankruptcy last month. These successive blows paint a grim picture of the group's financial standing and underscore the severe economic headwinds faced by even established Turkish businesses.