U.S. based Turkish brands eager to ride out crisis

These brands do not see closing up shop as an option, although many are delaying growth plans and searching for opportunities to increase turnover.

 

Even high-end consumers have curbed their shopping habits and company turnovers have fallen, Referans said.

 

"We opened our two U.S stores just before the mortgage crisis. During the initial phase the monthly turnover for these stores was $1 million. After the crisis erupted we saw regular monthly declines," Muzaffer Celik, the chief executive of Cilek Mobilya, a Turkey based furniture company told Referans.

 

"These days we are barely turning over $20,000."

 

Although the company is experiencing a slow period, Cilek said he has no plans to close his U.S. operations.   Â