Leen Bakker Belgium was declared bankrupt on Wednesday, 3 December, by the court in Antwerp. As a result, the 29 Belgian stores that did not find a new owner will close permanently. The bankruptcy will lead to 250 job losses.
Leen Bakker had been struggling in Belgium for some time with “particularly challenging market conditions” and increasing losses. Three years ago, Gilde Equity Management already wanted to divest the entire chain, including the Dutch operations. Together with Kwantum, bundled under the Homefashion Group holding, Leen Bakker was put up for sale — but no buyers showed interest. Gilde had acquired Leen Bakker in 2017.
This summer, the chain decided to put its more than 40 Belgian stores up for sale. Last week it became known that 14 locations will be taken over by other chains, including Dreamland and Swiss Sense. In November, Jysk also acquired several stores.
The appointed trustee will soon decide whether the remaining 29 locations will remain open temporarily, the chain said in a press statement. Some employees may still be able to transfer to sister chain Kwantum Belgium.
Leen Bakker Netherlands and Kwantum Netherlands and Belgium are not affected, the company stresses. However, there have been media reports suggesting that the Dutch operations of Leen Bakker are also facing difficulties.
