We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 26 Jan 2015 03:26 PM

Font Size

- Aa +

Jamie Oliver’s Istanbul restaurant files for bankruptcy after 14 months

Management claim the difficult Turkish economy was to blame, but say it will reopen

Jamie Oliver’s Istanbul restaurant files for bankruptcy after 14 months

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.

Arabian Business: why we're going behind a paywall

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.