V&D gets 47 mil. investment from owner

Sun Capital is investing 47 million euros into V&D, thereby buying out the consortium of banks. The investment company is also extending the financing from 2 to 4 years to give V&D more time and space to recover. V&D CEO John van der Ent confirmed this to Het Financieele Dagblad on Friday, AD reports. With this extra investment, Sun Capital is doubling this year's investment in the department store chain. The company previously pushed 105 million euros into V&D as well as a capital injection of 60 million euros in February. With this new investment, Sun Capital has now invested a total of 212 million euros into the financially troubled V&D. According to Van der Ent, Sun Capital noticed that the banks' - Raboban, ING and ABN - grip on V&D was too tight to allow it to recover. V&D also announced on Thursday that it would be cutting the number of management staff from 11 to 4. This forms part of the company's current reorganization plans. Last week V&D reached an agreement with the unions. They agreed that the staff will not be forced to accept a wage cut, but this will cost 400 jobs.