The management of V & D Group (V & D Department and La Place) have applied for deferred payment to its creditors in the court of Amsterdam. The court granted the requested deferral and Mr. Kees van Meent and Mr. Hanneke De Coninck-Smolders have been appointed as administrators.
Earlier this year the V & D Group threatened to collapse under high wages and rental costs, leading to a new management and major restructuring of operation throughout. Agreements with unions, landlords and suppliers resulted in a structural reduction in costs for 2015 and beyond.
In recent months the company faced a number of incidents and unforeseen events, including the 'Indian Summer' in November and December. This led to a reduced turnover and liquidity shortage. The shareholders and financier of the group revealed they are no longer prepared to cover these liquidity needs and continue existing financing.
In the coming period, all subsidiaries of V & D and La Place will remain open. The shops will be closed until further notice.
Van der Ent, "It's a huge disappointment that we had to apply for deferred payment. We hope to offer our employees, customers and suppliers clarity as soon as possible about the future of V & D and La Place. So we will work with the administrators to explore possibilities all for the future."
