Zorlu Center’s flagship brand, Vestel Elektronik — a major player in Turkey’s home appliance industry — is now facing job cuts amid restructuring efforts.

Zorlu Holding Tightens Belt Amid Debt Pressure, Plans Major Job Cuts at Vestel

Zorlu Holding — one of Turkey’s largest industrial conglomerates — is taking drastic steps to manage its nearly $5 billion in debt, according to a Bloomberg report. The Istanbul-based group, which spans real estate, energy, and manufacturing, has already extended loan maturities and is now moving to cut costs further.

As part of its restructuring strategy, Zorlu is reportedly planning to sell off assets and lay off at least 10% of its workforce. This includes a major cut at its flagship subsidiary, Vestel Elektronik, where around 2,000 jobs are expected to be slashed. The move underscores the financial pressure facing some of Turkey’s biggest industrial players amid a tough economic climate.