Jamie Oliver’s restaurant in Istanbul has filed for bankruptcy just 14 months after opening, the British chef has confirmed.
The Jamie's Italian restaurant, located in Istanbul's $2.5billion Zorlu Center Mall, is the restaurant brand’s largest overseas outlet, but it was unable to cope with the tough Turkish economic climate and has been forced to file for financial protection, it was reported.
“Jamie's Italian Istanbul is trading well but is currently in some negotiations with regards to its operations and it is standard practise to request protection from the Court from its creditors whilst those negotiations are ongoing,” a spokesman for Jamie Oliver was quoted as saying.
“Jamie's Italian is working closely with its Turkish partners to resolve the current situation in Istanbul.”
However, one analyst claimed the tough Turkish economy was not the issue and put the blame on those managing the venue.
“Almost all other restaurant and chains are going fine,” said Ozgur Altug, chief Turkey economist at BGC Partners, “This has nothing to do with the economy… Turks do not hesitate to eat out even in tough times.”
It is believed the outlet will reopen once it has secured more capital and undergone restructuring.
Jamie’s Italian was founded in 2008 currently has around 35 restaurants worldwide, including the UAE, Australia, Ireland, Russia, Singapore and Hong Kong.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.