The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
European Globalisation Fund (EGF)
Year: 2016, Case number: 5
8,000 jobs Number of planned job losses
Announcement Date
16 February 2016
Employment effect (start)
17 February 2016
Foreseen end date
Description
The troubled Dutch department store V&D has announced that it will close after a rescue deal fell apart, resulting in the loss of 8,000 jobs. The 128-year-old chain with around 250 outlets was declared bankrupt on 31 December 2015. Around 5,000 affected employees are direct employees of V&D, while the remaining 3,000 are employees of the restaurant chain associated with the store La Place. Coolinvestments had signalled an interest in rescuing the the chain, but it stated that it was not possible to get all parties involved onboard with their vision of a relaunch. A 'few dozen' employees will remain to complete the bankruptcy proceedings. Trade union FNV is 'deeply disappointed' in the outcome. The ERM reported last year that the company would cut 400 jobs.
Sources
16 February 2016: De Telegraaf
17 February 2016: NL Times
16 February 2016: NL Times
15 February 2016: NL Times
Citation
Eurofound (2016), V&D, Closure in Netherlands, factsheet number 86570, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86570.
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