“Intermarché Belgium is pushing struggling business owners into bankruptcy”

This isn’t the first time that Intermarché Belgium franchisees have complained about the way things are run at Les Mousquetaires: stores that ran into trouble after the Mestdagh takeover are being pushed into bankruptcy so that the group can buy them back for a song.

Logistical shortcomings

After publications such as L’Echo, Le Soir, and RetailDetail had already published several articles on the ongoing turmoil at Intermarché Belgium following a number of bankruptcies, RTBF has now also delved into the matter. The French-language public broadcaster contacted store owners and experts for a report that aired on the news last Friday. In it, a group of business owners—who together represent about 10% of the chain’s Belgian stores—once again speak out about abuses within the group. Most do so anonymously, for fear of reprisals.

The stories confirm earlier testimonies: Les Mousquetaires appear to have overextended themselves with the acquisition of some 80 stores from former Carrefour franchisee Mestdagh in 2022. A move that more than doubled Intermarché’s number of retail locations in Belgium, bringing the total to 166 stores. But the organization did not seem ready for this: in the period following the acquisition, things began to go wrong in terms of IT and logistics, leaving stores facing incorrect or missing deliveries, which had a dramatic impact on sales and margins. In 2024, according to a document reviewed by RTBF, 30% of ordered goods never made it onto the shelves.

A symbolic euro

Meanwhile, 60% of Intermarché stores are in the red. The group acts as a bank: in 2023, the stores owed the group 13 million euros; by 2025, this amount had skyrocketed to 45 million euros. But when the French parent company sent Laurent Boutbien, a confidant of CEO Thierry Cotillard, to Belgium to get things in order, the policy changed.

Stores in trouble are being held at knifepoint: from now on, they must pay for their orders upon delivery. According to franchise expert Pierre Boseret, this is a death blow that drives the affected stores into bankruptcy: “I don’t see how anyone can survive with such rules.” According to various accounts, the group is attempting to take over struggling stores for a symbolic euro and then resell them to another franchisee.

Group acknowledges conflicts

In response to RTBF, Intermarché chose to comment only via email: the group acknowledges that conflicts exist with certain franchisees but also confirms the company’s sound financial health and the strength of its business model. In February, Executive Director Arnaud Meyrant and franchisee Benoît Debusschere told RetailDetail that Intermarché Belgium’s losses are the logical consequence of the investments associated with the acquisition of Mestdagh and the necessary modernization of the stores.

“Last year, we grew by 6% to nearly 2 billion in revenue, despite the loss of tobacco, which accounted for 2% of our revenue. Revenue per square meter is already almost back to the level it was at before the acquisition of Mestdagh,” they said at the time. “With the acquisition of Mestdagh, we’ve gained twenty years. We’re not stopping here.”