Deal to rescue dept. store V&D falls apart at last minute

V&D, Hoorn
V&D store location in Hoorn (Photo: Dqfn13/Wikimedia Commons). (V&D store location in Hoorn (Photo: Dqfn13/Wikimedia Commons))

A plan to rescue Dutch department store V&D came to a sudden end on Tuesday when potential buyer Coolinvestments pulled out of curators. Coolinvestments, a Dutch firm based in Houten, Utrecht and owned by clothing industry magnate Roland Kahn, said it was simply not possible to get all parties involved onboard with their vision of a relaunch.

“Our team has spent the past month working hard with V&D management and the administrators on a relaunch of V&D with a new lifestyle formula,” Coolinvestments announced in a statement. “We have unfortunately concluded that we were not successful in aligning the interests of all stakeholders,” the announcement continued.

“We are particularly sorry for all of the affected employees at V&D.”

Canadian department store Hudson’s Bay is said to still be interested in purchasing V&D. It was widely reported they were still in the running for the Dutch firm as late as last week. Sun Capital, the American private equity firm that currently owns V&D, was to regain control of the department store.

The store was , putting 10,300 jobs at risk. Of those, about half work for the La Place restaurants found inside many V&D stores and its roughly 250 other outlets. The restaurant chain was .

Coolinvestments was one of a handful of investors shortlisted as potential buyers of V&D. The family-owned company was founded by Roland Kahn, who started retail chain CoolCat. The group also owns America Today, MS Mode and wholesale lingerie brand Sapph.