Leen Bakker, the Dutch furniture and home interior chain, is facing serious difficulties in Belgium. The company has placed its 44 Belgian stores up for sale, as growing competition from rivals such as Ikea, Jysk, and online retailers continues to erode its market position. At the request of the company, and under court supervision, a search is now underway for a buyer.
For the time being, the Belgian stores will remain open. A Belgian court has granted Leen Bakker Belgium protection from creditors until December 7, giving the company a limited window to find a buyer. The news was first reported by the Belgian business daily De Tijd.
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Financially, the situation is troubling. In 2024, Leen Bakker Belgium saw sales at physical stores decline by 15%, while online sales fell by 6%. Combined, this resulted in a turnover of €59 million. Losses, however, rose sharply, quadrupling to €5.7 million. The Belgian division employs 309 people. According to the trade union ACV, staff were told that the Dutch headquarters can no longer, or no longer wants to, support the Belgian operations.
The chain is currently owned by Gilde Equity Management, a Dutch private equity firm, which has so far failed to reverse the losses or find a buyer.
In the Netherlands, Leen Bakker remains a well-known furniture retailer, with an estimated 100 to 115 stores across the country. Together, the Dutch and Belgian operations employ around 2,500 people, including staff in stores, distribution centers, transport, and the service office. However, the company has already made cuts to reduce costs: in 2024, around 54 office jobs were eliminated, mainly in commercial and IT functions.
While the Belgian operations are clearly under severe pressure, the exact state of business in the Netherlands is less transparent. No separate financial figures for the Dutch market have been published, leaving questions about the long-term outlook for the company as a whole.
For now, the future of Leen Bakker Belgium and the jobs of its 300+ employees, depends on whether a buyer can be found before the court's December deadline.
Source: AD
