Shoppers at a branch of V & D on the Grote Markt in The Hague © anp
The court in Amsterdam is Friday verdict in the lawsuit that landlord IEF Capital has filed against department store V &. D. IEF Tuesday demanded evacuation of the four main branches in Amsterdam, The Hague, Utrecht and Maastricht because V & D does not meet its lease obligations. The property fund also owns another eight V & D buildings.
The ailing V & D is facing a liquidity problem and all owners of its premises asked to agree to a rent-free period of four months and a structural rent reduction. Other landlords are opposed, but IEF is the first that has gone to court.
Clearance of the four branches, which are responsible for 17 percent of sales of V & D will lead however irrevocably in the current economic conditions until the end of V & amp; D, counsel for the department store group suggested . ,, V & D can not bear such a decline in sales combined with a redundancy scheme for more than six hundred employees. The predictable result is that all 10,500 employees of V &. D lose their jobs ” The V & amp; D counsel said during the proceedings that IEF consciously pushing for a bankruptcy of the department store group. The landlord would have said in the first interview that in his opinion the best option when V & D goes bankrupt.
IEF denied being on bankruptcy. The landlord had just prepared V & D to get anxious to meet, would even agree to a rent-free period of four months and then a rent reduction. Another condition was that the department store group would submit a large number of square meters and would transfer the subtenants. But the parties were they disagree.
Q & amp; D think you need two to three weeks to get the restructuring of the land needed to make the company healthy again. That time would have also yet to come to an agreement with IEF and other landlords.
At the last minute made V & amp; D still part of the shop rent payable over to IEF Capital. But the real estate company saw this as no reason to discontinue the lawsuit against the department store. Investment Prowinko showed on Tuesday also announced to institute a lawsuit to V & D to expand its premises in Roermond because of rent arrears.
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