Turkish clothing giant Seven Hill goes bankrupt

Seven Hill, one of Turkey's largest clothing companies, was declared bankrupt by a court decision on Tuesday.

Once operating over 80 branches throughout Turkey, with approximately 1,500 employees, the firm has been administered through trusteeship for the last one and a half years.

Seven Hill's 80 million Turkish liras ($29.8 million) worth of debt will be paid from its assets, although it has been reported that the assets would not be enough to cover the debts.

The company was founded from scratch by its previous owner Bektaş Özbek in 1979, who staged a protest with a gun last year against the freezing of the firm's bank accounts in Istanbul's Beşiktaş district, as he was unable to pay his employees' salaries.