The 63 branches of department store chain V&D were due to open for business as usual on Monday but it remains unclear if its owners have thrashed out a rescue package.
Representatives of private equity house Sun Capital, banks and landlords met on Sunday evening in an effort to find a solution for V&D’s problematic finances.
In exchange, V&D will reduce its floorspace which the property owners could rent to third parties. IEF Capital, which owns four prime locations, took the retail group to court last week over its demand for a four-month rent holiday. However, IEF then appeared to have a change of heart and took the initiative to try to reach a solution.
The unions were invited to Sunday’s talks but pulled out shortly afterwards saying there was nothing to be gained. The company has also said it is cutting staff wages by 5.8%. The unions say they will continue their efforts to get the wage cut reversed in court.
Meanwhile staff at household goods retail group, Blokker, were told at the weekend they will be informed about the ‘future of the company’ at meetings on Monday. Dutch media say the high street group may be poised to announce a major reorganization. The unions have been invited for talks on Tuesday.