United Brands, one of the leading independent retailers in Belgium with sales reported at €29.1 million last year, closed down four of its stores and launched financial restructuring proceedings in July. The company's management is preparing to present a debt restructuring plan to the relevant court in November, expecting to start again with an adjusted structure in January. United Brands said the issue was chiefly caused by a licensing agreement for the Kappa brand in Belgium, which was ended in July. The four stores that were closed down were relatively small. United Brands is left with eight stores, including a store in Kortrijk that was relocated and will re-open in December. The retailer also had some exclusive rights to sell jerseys for the national football team, but that is no longer the case. Marc Piessens, who is the majority shareholder of United Brands, said the company would refrain from opening more stores next year but expansion could pick up again in 2019, albeit with out-of-town locations. He is also preparing to hand over his chief executive's function to his daughter, Dorien Piessens.

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