V&D staffers open to pay cuts, says CEO

The majority of V&D employees are willing to accept a pay cut if it can secure the future of the department store, according to CEO John van der Ent, RTL reports. According to Van der Ent, the agreement that saved V&D almost two months ago is only a temporary solution. He believes that if the company moves forward with a view on the long term, V&D can become competitive again and be profitable within two years. V&D already made an agreement with their landlords for a one-time discount on their rent, but still aims for a 10 million euros structural reduction in labor costs. The company therefore proposed a 5.8 percent pay cut for its employees, causing a lot of havoc with the unions. The unions FNV and CNV went to court to oppose the pay cut. The court ruled in favor of the unions and V&D appealed. There have been a lot of talks between the department store and the unions, but with little result so far.