Private equity firm blamed in V&D bankruptcy; squeezed out of reorganization
The works council of bankrupt retail chain V&D submitted a request to the bankruptcy administrators that private equity firm Sun Capital not be involved in the future of the chain. The council blames Sun Capital's withdrawal from the chain for its bankruptcy, NU reports.
In the coming weeks the bankruptcy administrators will determine whether the chain can be rescued, by maybe selling it off. If the works council get their way, this will be done without Sun Capital as a potential buyer. They feel the private equity firm takes too little note of what is in the interest of V&D.
Trade union CNV is also behind this request, blaming Sun Capital for the possible dismissal of some 10 thousand people. "It would therefore be absurd if Sun Capital can again begin with a clean slate", Martijn den Heijer of the union said to NU.