TURKEY: Kombassan Sells Hit or Miss Retail Chain in US.
Kombassan Holding, one of the largest Islamic conglomerates in Turkey, was forced to sell its Hit or Miss clothing retail chain due to financial troubles. The Hit or Miss management filed for bankruptcy protection in February 2001. The retail chain, which includes 252 stores based in Boston, Washington and New York, owes some $150m to Turkish suppliers. Kombassan Holding acquired the retailer in 1999, aiming to increase the number of its stores to 1,000 and its turnover to $5.0bn from $100m.
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