🚚 Getir's International Exit
Getir, the rapid grocery delivery firm from Turkey, announced last month that it will exit the UK, Germany, the Netherlands, and the US. This move is part of a restructuring plan to focus on its home market. Getir made only 7% of its cash from foreign markets. The firm, once valued at $11.8B during the pandemic boom, saw a drop in international demand, leading to this decision.
📉 Unpaid Bills and Supplier Claims
Allegations have surfaced that Getir left some UK suppliers with large unpaid bills. Complete Assets, hired by Getir to offload assets and recover cash, claims a deficit of over $190K. The spokesperson said, "We’ve now treated part of this debt as a fraudulent claim." Getir equipment remains in their warehouses as staff stopped replying to emails. The scale of unpaid bills could be around $625K among several suppliers.
🏠 Impact on Commercial Properties
The Arch Company, owning commercial spaces where many of Getir's 'dark stores' were housed, might also face unpaid bills. John Hickson of The Arch Company mentioned the increase in demand from food delivery businesses during the pandemic. The Arch Company did not comment on Getir's exit. This retreat puts 1,500 jobs at risk in the UK, showing a sharp fall for the delivery industry post-pandemic.
📉 Market Challenges and Future
The rapid delivery market boomed during the pandemic but has struggled post-lockdowns. Rising labor and fuel costs have strained business models. Getir's valuation dropped from $11.8B to $2.5B as it faced increasing losses. The sector saw consolidation with Getir acquiring German rival Gorillas in 2022. Getir's focus now turns to Turkey, aiming to stabilize and possibly recover its market position.
Do you think Getir will recover in Turkey?
