Following the protective proceedings for Leen Bakker in Belgium, it appears that the retailer is also experiencing financial difficulties in the Dutch market. Sister chain Kwantum is reportedly up for sale.
“Everything is on the table”
Homefashion Group, the parent company of home furnishings chains Leen Bakker and Kwantum, is experiencing financial difficulties. Owner Gilde Equity Management no longer wishes to invest money in the stores, an insider told the FD. Kwantum is about to be sold, while the 44 Belgian Leen Bakker stores have been under protection from creditors since last week: by 7 December, two court-appointed liquidators must find a buyer for the shops.
Without the loss-making Belgian branch, it should be easier to sell Leen Bakker’s Dutch stores as well, according to financial sources. Homefashion Group does not want to confirm this in so many words. However, the company does say that various options are being explored. According to restructuring manager Rob Schuyt, who was appointed at the end of March, ‘everything is on the table’. Whether a sale has much chance of success is doubtful, given that several home furnishing chains are in difficulty. Investment fund Gilde Equity Management also put the retailer up for sale in 2022, without success.
