Grocery delivery giant Getir is exploring a number of radical emergency restructuring options as part of crisis talks with its key investors.
First founded in Turkey in 2015, the latest news comes just two years after the company was valued at £9.6bn ($12bn).
However, the rapid delivery service is understood to now be in talks that could see the breakup of the group, an exit from its markets or an emergency restructuring, sources told Sky News.
It is also understood that restructuring firm AlixPartners is advising on Getir’s position, with a restructuring decision expected to put thousands of jobs at risk across the multiple markets within Getir operates.
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Yet an insider close to the company refuted the suggestion that a form of insolvency was being discussed, and said that if Getir chose to withdraw from a country, it would be done “in an orderly fashion”.
Another source described the upcoming days as “make or break” for the rapid delivery service, and added that the outcome of major decisions regarding Getir’s future may be made in the coming couple of weeks.
The latest crisis talks follow a challenging year for the delivery service. Late last year, its value dropped to $2.5bn as shoppers moved away from convenience and supermarket giants opened their own rapid delivery service – such as Whoosh, Chop Chop and Zoom.
A spokesperson for Getir told Grocery Gazette: “Getir principally doesn’t comment on rumours or on internal matters, however, whenever decisions have been made, we will announce them as we have done in the past.”
In July last year, Getir announced it was to exit Italy, Spain and Portugal, leading to it having to shortly after slash its global team of staff, and leaving it now operating in only 5 markets beside the UK.
Yet the rapid delivery company has also invested in new ventures, with the launch of a new pan-European partnership with Uber Eat and an acquisition of an online grocery company Fresh Direct.
