Rapid delivery big hitter Getir in crisis talks as it preps major 'make or break' restructuring move
Turkish ultrafast grocery delivery firm, Getir, is said to be working on a radical restructuring plan just two years after it was valued at just off $12 billion.
According to Sky News, Getir, which operates in five markets including the UK, is examining a number of options as part of talks with its leading investors.
Sky News report: “Sources said this weekend that this could involve a break-up of the rapid delivery group, an exit from a number of its remaining markets or some form of emergency restructuring mechanism.”
It added: “A source close to the company denied that any form of insolvency process was under consideration, saying that if it decided to exit a country it would do so in an orderly fashion.”
“Another insider added that the next few days were "make or break" for the company, with key decisions about Getir's future expected to be taken as early as the next fortnight.”
AlixPartners, the restructuring firm, is understood to be advising on the situation at Getir, which is backed by the likes of Mubadala, the Abu Dhabi sovereign wealth fund, Sequoia Capital and Tiger Global.
It was valued at $11.8 billion when it raised more than $750 million in a funding round in 2022.
Getir did not respond to our request for comment.
UNDER PRESSURE
Late last year, Getir announced a global restructuring initiative, with plans to cut 2,500 jobs across five countries, or 10.9% of its total workforce.
It said it would continue to operate in Turkey, the UK, Germany, the Netherlands and the United States.
The company had previously reported its exit from Italy, Spain, and Portugal.
It said in a press statement: “We will restructure the global organisation to significantly increase operational efficiency.”
“The Getir network consists of roughly 23,000 people across five countries. This number includes couriers, pickers, and office employees. Regrettably, we intend to reduce our team and, with a heavy heart, part ways with approximately 2,500 talented employees across our markets.”
It added: “Decisions like these are never taken lightly. However, Getir is determined to do right by all employees affected by the process in line with its values and in full compliance with local laws. We are very grateful to all colleagues for their hard work, dedication, and significant contributions to the business.”
It concluded: “The company remains fully committed to the future of the industry it pioneered eight years ago and will continue to lead it in the future.”
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