Furniture and interior retailer Leen Bakker is putting its 44 Belgian stores up for sale under court supervision after years of mounting losses and intensifying competition from rivals such as IKEA, Jysk, Bol.com, Amazon, and discount chain Action.
On August 14, the Belgian arm of Leen Bakker received court protection from creditors, allowing two court-appointed administrators to seek buyers. The stores will remain open until December 7, when the protection expires. If no buyers are found by then, bankruptcy could follow.
Leen Bakker Belgium employs 309 people, but insiders warn that up to two-thirds of the outlets are structurally unprofitable. Last year, the chain’s losses quadrupled to 5.7 million euros, pushing its equity into negative territory. Sales fell sharply after the pandemic boom, with turnover dropping from 78 million euros in 2021 to 59 million euros in 2023.
The decline has been fueled in part by IKEA’s aggressive price cuts and the rise of online and discount competitors. While many household retailers are struggling – Casa has gone bankrupt and Maisons du Monde is restructuring – Leen Bakker’s Belgian operations have proven especially vulnerable.
Potential buyers may cherry-pick profitable stores, leaving loss-making outlets and their staff in the old company, which risks liquidation. For investors, this could be attractive: they would acquire stores without the burden of debt.
It remains uncertain whether Leen Bakker will survive in Belgium at all. Belgian director Thierry Leys insists the company is looking for a partner with the means to continue sustainably, but observers doubt the current Dutch owner, Gilde Equity Management, intends to reinvest.
The court will ultimately decide on any transfer, weighing the interests of employees and creditors.
