Food & Drink Former KFC operator in Turkey files for bankruptcy By Pramod Kumar February 10, 2025, 10:43 AM Unsplash.com/Evgeny Arsenev Bankruptcy proceedings at Turkey's IS Gida have resulted in the closure of 537 restaurants and the loss of 7,000 jobs IS Gida, the former operator of the KFC and Pizza Hut franchises in Turkey, has filed for bankruptcy after debt reached TR7.7 billion ($214 million). The filing comes a month after the US-based owner of KFC and Pizza Hut terminated its franchise agreements with the Turkish company, state-run Anadolu Agency (AA) reported. “The reality we face today is a debt of billions of Turkish liras, company immovables seized by banks and state institutions, including our factories, and all my savings that I have pledged as collateral,” CEO Ilkem Sahin told the news agency. High profile Western brands including Coca-Cola have been hit by persistent inflation in Turkey and by boycotts in the wider Islamic world induced by Israel’s war in Gaza. The bankruptcy proceedings at IS Gida have resulted in the closure of 537 restaurants and the loss of 7,000 jobs. Gulf restaurants urged to keep it local Americana acquires Pizza Hut business in Oman Americana to invest $100m in Saudi French fries factory Last month the chief financial and franchising officer of Kentucky-based Yum! Brands, the parent of KFC, Pizza Hut and Taco Bell, said that the company engaged with IS Gida over several months before terminating the contract. The process regarding the unilateral termination decision was allegedly taken by Yum! Brands as a result of financial concerns, the Turkish company has said.
