Krëfel Gets €73M Lifeline from Mulliez Family in Rescue Bid

Belgian electronics retailer Krëfel has received a €72.8 million (approximately €73 million) capital injection from its French parent company, United.b, which is controlled by the billionaire Mulliez family — the owners of Auchan, Decathlon, and Leroy Merlin. The recapitalization, reported on July 3, 2026, by Belgian financial daily L’Echo and covered by multiple outlets, represents what analysts describe as a last-chance plan for the struggling 68-year-old chain.

According to La Libre Belgique, the funds aim to stabilize the company’s balance sheet and support a strategic turnaround led by CEO Vincent Nolf, who was appointed in September 2025. Krëfel has posted losses for three consecutive fiscal years, with its 2025 results described as “strongly negative” by Nolf himself.

A Belgian Institution in Crisis

Founded in 1958 by the Poulet family, Krëfel grew to become one of Belgium’s most recognized electronics and home appliance retailers. For decades, it was a go-to destination for consumers purchasing refrigerators, washing machines, televisions, and computers. However, the company has faced mounting challenges from online competitors like Coolblue, Bol.com, and Amazon, which have gained significant market share with superior digital experiences and logistics.

As RTBF reports, Krëfel’s revenue fell from €472 million in 2024 to €456 million in 2025 — a decline attributed to store closures and the abandonment of the kitchen showroom business. By 2024, the company’s net equity had collapsed from €33.5 million to just €4.1 million, leaving it with a dangerously thin financial cushion.

Restructuring and Job Losses

The recapitalization comes alongside a painful restructuring. A collective redundancy plan initiated in February 2026 initially targeted 180 positions. After Belgium’s “Renault procedure” — a mandatory consultation process — the final number was reduced to 145 forced departures. Five stores are slated for closure, reducing Krëfel’s network from 73 to 64 locations across Belgium.

L’Avenir notes that the company’s kitchen showroom division — comprising 15 showrooms and 41 employees — has already been closed, along with a distribution center and several underperforming stores in Vilvoorde, Hornu, Flémalle, and Andenne.

The Mulliez Family’s Bet

The Mulliez family, through the Association Familiale Mulliez (AFM), is one of Europe’s most powerful business dynasties. With an estimated fortune of €26-28 billion and control of roughly 130 brands generating approximately €100 billion in combined annual turnover, the family is known for its long-term, private ownership model. As Forbes Belgique detailed in a profile of Vincent Nolf, the family rarely lists companies on public stock exchanges, allowing planning horizons unburdened by quarterly earnings pressure.

Krëfel is owned by the French group Boulanger, which is part of United.b (formerly HTM Group), the holding company that manages the Mulliez family’s electronics retail interests. Sister companies include Boulanger (France’s largest electronics retailer, with €4.74 billion revenue in 2024), Electro Dépôt, and Hifi International in Luxembourg.

A Turnaround Specialist at the Helm

Vincent Nolf, appointed CEO in September 2025, is a veteran retail executive with a track record of navigating troubled businesses. His career includes leading Metro and Makro from 2017 through their sale in 2022, and serving as CEO of Casa International, which went bankrupt in March 2025 due to rising wage costs and unfavorable market conditions. According to LegalClarity, his experience — including navigating a bankruptcy — made him a logical choice for Krëfel’s turnaround, though it also raises questions about whether the chain’s challenges are structural rather than managerial.

Analysis: A Test of the Mulliez Model

The recapitalization demonstrates the Mulliez family’s willingness to support struggling assets rather than cutting them loose — consistent with their long-term, private ownership philosophy. However, the move also raises questions about whether Krëfel can ever achieve sustainable profitability within the group structure. Despite being part of the same electronics retail ecosystem as Boulanger and Electro Dépôt, Krëfel has not yet benefited from the economies of scale that were anticipated when United.b (then HTM Group) acquired it from the Poulet family in 2019.

The broader implications extend beyond Krëfel itself. The chain’s struggles reflect the challenges facing traditional brick-and-mortar retailers across Belgium as e-commerce reshapes the sector. Online pure players continue to gain ground with superior digital experiences, faster delivery, and competitive pricing that legacy retailers struggle to match.

Can Krëfel Return to Breakeven?

The company has set an ambitious target of returning to breakeven in 2026. Success depends on transforming into a competitive omnichannel retailer, investing simultaneously in its remaining stores and IT infrastructure while competing with online giants that have superior logistics and digital experiences. Service quality also remains a concern — Krëfel’s after-sales support has been criticized for slow response times, a significant handicap in a sector where customer satisfaction is critical.

As La Libre Belgique characterized the situation: “This is undoubtedly the last chance plan for Krëfel.” If the turnaround fails, it remains unclear whether the Mulliez family would provide additional support or consider selling or liquidating the chain — a question that will define the future of one of Belgium’s most recognizable retail names. For now, the €73 million injection buys time, but the clock is ticking.