Due to the global economic depression and the unabated exchange rate crisis, companies continue to go bankrupt one by one.
This time, the bankruptcy news came from Instant Brands, the world-famous cookware, airfryer and pressure cooker manufacturer. The famous brand announced that it went bankrupt. As a reason for bankruptcy, the company stated that it had taken out millions of dollars in loans and was having difficulty paying them.
The US-based company was producing in China and was highly criticized for this reason.
HE COULD NOT STAND AGAINST MILLIONS OF DOLLARS OF CREDIT DEBT ANY LONGER.
The company, which had millions of dollars in loan debt, tried hard to reduce its costs but was unsuccessful and applied to the bankruptcy court.
THOUSANDS OF EMPLOYEES WILL REMAIN UNEMPLOYED
Citing the tight monetary policies and high interest rates implemented in the USA as the reason for bankruptcy, the company also stated that this decision would cause more than 1800 employees to become unemployed.
POPULAR IN TURKEY TOO
The company, which was famous worldwide, was also very popular in Turkey. The company, which has been sending orders to different regions of Turkey over the internet since 2010, also caused sadness among its customers in Turkey.
Tags: giant cookware brand declared bankruptcy
