Monday, 19 January 2015 - 14:18
Retailer V&D slashes employee salaries by 6 percent
As of February V&D personnel will receive 5.8 percent less salary. 50 of the 450 jobs will also be cut at the headquarters. According to the department store, these measures are necessary to be competitive. CEO Don Roach of V&D calls these "strong measures" needed to survive in the rapidly changing market. V&D has had a number of difficult years. The company was looking for a working strategy and an appropriate assortment. Many stores are also struggling under the increasing internet purchases. Last year the group suffered a loss of 42 million euros. V&D employs a total of 5 thousand people. The current CEO Roach will be replaced by John van der Ent in March this year. Van der Ent is currently leading the Etam Group.