Outlet retailer Cameleon declared bankrupt

Brussels-based outlet retailer Cameleon has been declared bankrupt, after more than thirty years in business. 46 employees will lose their jobs.

No surprise

The commercial court of Brussels has ended Cameleon’s protection against creditors and declared bankruptcy on 2 May, Belgian newspaper L’Echo reports. The news does not come as a big surprise: Cameleon had been in a judicial reorganisation procedure since February – and not for the first time.

Its parent company Rengo was struggling with heavy losses and cash problems, due to disappointing sales and rental costs. To make matters worse, the company had to look for a new location in Brussels, being forced to leave its building in Sint-Lambrechts-Woluwe in March.

Negotiations with four banks, an attempted crowdfunding campaign, discussions with potential investors and potential buyers: nothing offered the necessary solution, so the management now has decided to throw in the towel, the company says in a press release. There have been discussions with a potential buyer, who wanted to take over half of the staff, but no agreement was reached.

Cameleon was an established name for more than thirty years, selling clothing, shoes and decoration from previous seasons in two locations. The current owner took over Cameleon in 2021 with an innovative model, in which the Brussels government co-invested, while three business partners and 46 employees also became shareholders.