Turkey’s leading shoe retailer, Arrow, has been officially declared bankrupt, according to an Istanbul bankrupt office.
The shoe retalier Arrow, based in Istanbul’s Ginza Lavinya Park mall in the district of Beylikdüzü, was declared bankrupt by 1st Commercial Court of First Instance on June 23, Bakrköy bankrupt office said on Monday.
The judge’s decision ended a two-year battle for survival after the company was accused of putting carcinogenic shoes on the market in 2014.
The Court has ruled for appoinment of a trustee and a preliminary injuction to the debt-stricken retalier in March 2015 in a response to Arrow’s request to suspend its bankruptcy.
The then Customs and Trade Minister Nurettin Canikli has warned that carcinogenic subst…
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