Turkish clothing firm loses $2 mln due to turmoil in Egypt

A leading Turkish clothing firm said, shops in Alexandria and Cairo have been severely damaged during the recent street protests in Egypt.

Turkish clothing firm loses $2 mln due to turmoil in Egypt

A leading Turkish clothing firm, Sarar Apparel, whose shops in Alexandria and Cairo have been severely damaged during the recent street protests in Egypt, announced that it has incurred a loss of nearly 2 million USD due to the turmoil.

Speaking to AA on Thursday, Sarar Group's chairman Cemalettin Sarar said that his company had a total of seven stores in Egypt, two of which had been heavily damaged during the ongoing demonstrations in the country.

"Egypt is our brother country. We were planning to increase the number of our stores there to 10, however, we have delayed such plan due to latest developments. Our stores have been looted by protesters and we are now faced with a loss of nearly 2 million USD," Sarar said.

Sarar noted that containers filled with his firm's products waited at customs and they might have been damaged as well.

"We hope this problematic situation ends soon so that we can carry on with our business activities," the chairman said.

Turkey's leading ready-to-wear brand Sarar Apparel has nearly 5,000 employees, 45 retail stores and over 300 selling points all across Turkey, as well as an annual turnover of 150 million USD.

The company also has a wide business network with its concept stores and dealerships in Europe, USA, Japan, China, Russia, India and the Middle East.

AA

Last Mod: 10 Şubat 2011, 13:37
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