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1/2/16

Netherlands Exonomy: Dutch retail chain V&D declared bankrupt

Vroom & Dreesman, the largest Dutch department store chain, has been declared bankrupt, it said in a statement published on its website on Thursday.

V&D, with 10,000 workers at 67 stores, has suffered in recent years as the Dutch economy stagnated and on-line stores won away customers. After weak sales in the Dutch holiday season, which falls in early December, it filed for protection from creditors on Dec. 22.

A statement on the company's website said it hopes to remain in business after a restructuring, and that it has been contacted by "dozens" of potential investors.

"Together with the curators and our employees, we're working hard on the best restructuring possible," it said.

The stores ran into liquidity problems in recent months and owner Sun Capital stopped providing emergency funding, V&D's Chief Executive John van der Ent said last week.

U.S. private equity firm Sun Capital Partners Inc bought the retailer in 2010. 

Read more: Dutch retail chain V&D declared bankrupt | Reuters

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