Dutch department store V&D declared bankrupt; some 10,000 job losses

The court in Amsterdam officially declared struggling retail group V&D bankrupt on Wednesday. The V&D stores and La Place restaurants will remain open for the time being, but the 10,300 employees working for the group are almost certainly out of work, RTL Nieuws reports. 

Bankruptcy administrators Kees van de Meent and Hanneke De Coninck are still trying to find potential buyers for parts of V&D, through which some jobs may be saved. Benefits agency UWV will be paying the employees' salaries starting tomorrow.

After a whole year of trying to get back on their feet, including months of conflicts with unions and landlords, V&D finally acknowledged defeat and filed for suspension of payment last week.

In a letter to the staff, which RTL managed to get their hands on, CEO John van der Ent stated that this bankruptcy is "not the end of V&D". "Along with the administrators and with you I want to fight for the best possible restart with as many people as possible", he wrote, stressing that the employees' commitment will be needed for this.

The V&D group has 62 stores and 250 La Place restaurant locations in the Netherlands, Belgium, Germany and the United States.

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