10 Indonesian Issuers That Once Reigned Supreme, Now Faltering: Some Have Gone Bankrupt
Jakarta, CNBC Indonesia - A number of issuers once familiar in the daily lives of Indonesians are now in a vastly different phase. Names such as Bata, Ramayana, Hero, Matahari, Hypermart, Express Taxi, and Sritex were once symbols of glory in their respective industries. However, changes in consumption patterns, pressure on purchasing power, digital competition, debt, and business model shifts have left many of them no longer as formidable as in the past. Some are still surviving with profits, others continue to suffer losses, and a few have entered the phase of bankruptcy and liquidation.
Before examining their financial performance, it is interesting to look at the age and capital market track record of these issuers. Most are long-established companies that have been around for decades, with some even present since before Indonesia’s independence.
Longevity does not necessarily equate to strong performance. The latest financial data shows that while some issuers are still able to book profits, pressure on sales and margins is clearly visible. For Sritex, the data used is the last available annual report, for the 2023 fiscal year, as a normal FY2025 report is not available like for active issuers.
From the data, the greatest pressure is seen in old retail issuers and conventional transportation. Bata is still recording losses, although the amount has narrowed. Ramayana and Matahari remain profitable, but their revenues have declined. Electronic City, meanwhile, swung to a fairly deep loss in 2025.
Some names on this list have experienced not just a decline in financial figures, but a total change in business identity. MDRN, for example, was once widely known through 7-Eleven Indonesia. However, all 7-Eleven outlets ceased operations in 2017, so the company’s current business no longer reflects the glory days of Sevel. HERO is also no longer the Hero-Giant of the past. Giant was completely shut down in 2021, and the company is now operating with a different focus. Sritex became the most severe case, as the Indonesia Stock Exchange declared in 2025 that SRIL had met the delisting criteria, with the process awaiting liquidation by the curator. The company has effectively gone bankrupt.
The story of these issuers shows that a big name can be an asset, but it is not a guarantee. Changes in shopping channels, price competition, debt burdens, and a failure to read new consumers can erode companies that once seemed too big to fail.