Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Image
V&D, Hoorn
V&D store location in Hoorn (Photo: Dqfn13/Wikimedia Commons) - Credit: V&D store location in Hoorn (Photo: Dqfn13/Wikimedia Commons)
Business
Amsterdam
bankruptcy
Eviction
IEF
IEF Capital
landlords
lawsuit
lease obligation
liquidity problems
Maastricht
Prowinko
redundancies
rent-free period
rental arrears
roermond
structural rent decrease
The Hague
Utrecht
V&D
Wednesday, 4 February 2015 - 09:42
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

V&D landlord trying to evict cash-strapped retailer

The court in Amsterdam will rule on Friday in the lawsuit that IEF Capital filed against department store V&D. On Tuesday IEF demanded evacuation of four main V&D branches in Amsterdam, The Hague, Maastricht and Utrecht because V&D is not meeting its lease obligations. IEF also owns another 8 V&D buildings. The financially troubled V&D is facing a liquidity problem and all owners of their buildings have been asked to agree to a 4 months rent-free period and then a structural rent reduction. Other landlords also opposed this proposition, but IEF is the first to go to court. In the current economic environment, clearance of these four branches (which are responsible for 17% of V&D sales) will inevitably lead to the end of V&D, according to the counsel of the department store. "V&D can not bear such a decline in sales combined with a redundancy scheme for more than 600 employees. The predictable result is that all 10,500 V&D employees will lose their jobs." During the proceedings the V&D counsel said that IEF is consciously pushing for the department store's bankruptcy. IEF denies that it is aiming for V&D's bankruptcy. The landlord was prepared to meet with V&D, and was even willing to agree to a rent-free period of 4 months and then a rent reduction. Under the condition that V&D would surrender a large number of square meters and would transfer the subtenants. The parties could not agree to this. V&D thinks that it needs another two or three weeks to get the restructuring of the land that is needed to make the company healthy again. The department store group also wants that time to come to an agreement with IEF and other landlords. At the last minute V&D also paid part of the arrears shop rent to IEF Capital, but the real estate company did not see this as a reason to discontinue the lawsuit against the department store. On Tuesday investment company Prowinko also announced that they would file a lawsuit to evict V&D from its premises in Roermond because of rental arrears.

Follow us:

Latest stories

  • Dutch police take down Exclu encrypted chat service with 42 arrests, €4 million seized
  • One worker killed, four hurt in Zeeland Refinery accident
  • Left-wing parties want to retroactively tax Shell's record profits more heavily
  • Container ship crews play a key role in cocaine trade via Dutch ports
  • Regional train drivers to join next week's public transport strike
  • No excess mortality in last two weeks of January

Top stories

  • Dutch police take down Exclu encrypted chat service with 42 arrests, €4 million seized
  • Signal failure briefly halts train traffic around A'dam; NS warns of significant delays
  • Matching medicine dosage to patient's DNA can cut side effects 30%: LUMC
  • Dutch airports' traveler numbers not yet back to pre-pandemic levels in 2022
  • Dutch parliamentarians support €57 rent reduction for low-income households
  • European office to gather proof of war crimes in Ukraine will set up in The Hague

© 2012-2023, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content