Intermarché Closes Belgian Stores After Mestdagh Merger
Intermarché, the French supermarket chain owned by Groupement Les Mousquetaires, is closing multiple stores across Wallonia and Brussels as the fallout from its ambitious 2022 acquisition of the Mestdagh group continues to reverberate. At least seven stores have shut or are slated for closure, with dozens more reportedly at risk, as the cooperative grapples with supply chain failures, mounting franchisee debt, and legal disputes.
A Network Doubled Overnight
The root of the crisis traces back to March 2022, when Les Mousquetaires announced the acquisition of the Mestdagh group, a family-owned operator of approximately 80 former Carrefour supermarkets in Wallonia and Brussels. When the deal took effect in early 2023, Intermarché’s Belgian footprint doubled overnight from 80 to roughly 166 stores, as RTBF reported.
The rapid integration proved far more complex than anticipated. In 2024, according to internal documents consulted by RTBF, 30% of merchandise ordered by franchisees never arrived on shelves. The cooperative’s central purchasing and logistics systems were overwhelmed by the sudden scale increase, leaving store operators unable to stock their shelves reliably.
Stores Closing Across the Region
The closures span Wallonia and Brussels. The Jette store in Brussels shut in January 2026, affecting over 40 employees, as BX1 reported. The Leuze store in Eghezée filed for bankruptcy in February 2026. Stores in Morlanwelz, Rhisnes, and Auvelais have also closed. The Fleurus location operated its last day on May 15, 2026, while Monceau-sur-Sambre is currently running a liquidation sale ahead of permanent closure, according to RetailDetail. Court-Saint-Étienne is set to close by the end of May 2026, as RetailDetail also confirmed. Montignies-sur-Sambre is expected to follow.
La Libre Belgique reported that the closures stem from an overly rapid network expansion that the cooperative structure could not sustain.
Financial Distress Among Franchisees
The financial toll on franchisees has been severe. According to the RTBF investigation, 60% of Intermarché stores in Belgium are operating in the red. Debts owed by franchisees to the central purchasing unit ballooned from €13 million in 2023 to €45 million in 2025.
Franchisees who spoke to RTBF on condition of anonymity described a climate of fear. “Les Mousquetaires, c’est comme une secte,” one said. “It’s very difficult to speak without risking reprisals.” Another added: “They’ve already threatened to seize my house. You think twice before speaking.”
When Paris sent Laurent Boutbien to restructure the Belgian operations, he demanded cash-on-delivery payments from struggling stores — a move franchise expert Pierre Boseret described as “the coup de grâce” that forces the weakest operators into bankruptcy. Some franchisees allege the group then buys back their businesses for a symbolic €1 and resells them at a premium to new operators.
Revenue Growth Amid Crisis
Despite the turmoil, Intermarché Belgium reported €2 billion in revenue for 2025, with 6% growth — the best rate among Belgian food retailers — and a 13% market share in Wallonia. The group aims for €3 billion in revenue and a 20% market share in Wallonia by 2030. However, Stefan Van Rompaey, editor-in-chief of RetailDetail, noted that the cooperative structure was too light to manage such a massive integration: “One can think that it aimed too high in its ambitions.”
Analysis: A Cautionary Tale of Overambitious Expansion
The Intermarché crisis illustrates the risks of rapid expansion in a low-margin industry like grocery retail. The cooperative model, while theoretically offering franchisees a stake in governance, proved ill-equipped to handle the logistical demands of doubling its network overnight. The supply chain failures that followed — with 30% of orders going unfulfilled — created a downward spiral from which many franchisees could not recover.
Franchisees allege they were presented with overly optimistic market studies that promised doubling of revenue, only to find themselves saddled with debt when those projections failed to materialize. The group’s response — demanding cash-on-delivery payments from already struggling operators — has drawn sharp criticism from franchise experts.
What’s Next
Legal proceedings are underway or being prepared by franchisees against Intermarché, according to the RTBF investigation. The outcome could set important precedents for franchise relationships in Belgium. Meanwhile, dozens more stores may be at risk if no buyers are found, and the cumulative job losses across Wallonia and Brussels could be substantial. Intermarché acknowledges conflicts with some franchisees but maintains the overall financial health of the group. Whether the chain can achieve its ambitious €3 billion revenue target by 2030 while resolving the deep-seated tensions with its franchise network remains an open question.