Turkey's cosmetics giant Tekin Acar will be sold to French Sephora Cosmetics. The application has been made to the Competition Board regarding Tekin Acar's purchase by Sephora Cosmetics. The sale will be completed after the board's approval. Tekin Acar Cosmetics Chairman Tekin Acar said they closed many stores that were not doing business due to the drastic hike in the exchange rate as well as some legal regulations and that they will continue the closures, adding that they canceled contracts with many new shopping malls. While these statements led to rumors that Tekin Acar Cosmetics went bankrupt, Acar responded to the rumors, saying only unprofitable shops were closed. Tekin Acar has nearly 80 stores throughout Turkey.