V & D is temporarily saved from bankruptcy – Parool.nl

V & D is temporarily saved from bankruptcy – Parool.nl

09-02-15 15:36 pm – Source: Het Parool

© anp

Update

There is definite agreement between the banks, shareholders and the property owners about the survival of department store V & D for the next few years. That made property owner EIF Capital announced today

“Employment is thus preserved and V &. D remains a familiar part of the retail landscape. Funding is thus structurally in order and we will now continue to work hard on a healthy, profitable future, “says CEO Don Roach in a statement.

The department store chain claims to have reached an agreement with a majority of the parties that forms the basis for the restructuring of the company. This allows V & D by mid this week have sufficient working capital to meet its obligations.

The chain gets a rent reduction of 25 million euros, roughly the same amount as V & D initially demanded. In return, the department must cut back sharply. Also, the requirement of V & D to pay in future rents based on sales turnover of the table.

New stores
V & D is now willing to negotiate the next six months per site for returning square meters which can then be filled by the landlords new stores. There will be an independent arbitration that will do in conflicts between department store and landlord representations.

Also, property owners share in the proceeds of subletting by V & D. The department store hires tens of thousands of square meters at its sites by, for a price that is much higher than what is paid to the lessors of the premises.

The landlords have access to the financial results of ‘their’ offices, but will not interfere directly with the business.

No agreement with staff
V & D also has to come to an agreement with the staff. According to Niels Suijker FNV Trade V & amp; D in recent days, no real attempt to get out with the unions regarding a salary surgery come. “But we are open to a conversation.”

FNV is only prepared the lawsuit against V & D to pull in as the unions and the department store group to come out of the staff. That court must on February 16 at the court in Amsterdam.

The company will also suppliers must spawn. The company pays this month some of the vendors do not, or only partially. Some, such as Dixons, have been partly suspended their deliveries. Others, such as pasta supplier Euro Pizza Products, say to be paid in full

(By: Herman Silent).