Employee unions are rejoining discussions with management at Dutch retailer V&D. The department store is under significant financial pressure, and is trying to force employees to take a wage cut of six percent.
Supplier CB (formerly Centraal Boekhuis) has not been delivering books to the financially troubled V&D for almost two weeks. CB made this decision on January 23rd after its credit insurer, Coface, withdrew V&D's credit limit, NOS reports.
The court in Amsterdam will rule on Friday in the lawsuit that IEF Capital filed against department store V&D. On Tuesday IEF demanded evacuation of four main V&D branches in Amsterdam, The Hague, Maastricht and Utrecht because V&D is not meeting its lease obligations. IEF also owns another 8 V&D buildings.
The court in Leeuwarden has reversed Spyker's bankruptcy during an appeal. Victor Muller managed to produce an amount of 4.3 million euro with which the most acute debts can be paid. The court therefore decided that administrator Henk Pasman was too hasty in applying for bankruptcy.
It has been a bad week for shoe stores. A court in Amsterdam has declared the shoe chain House of Shoes bankrupt. On Tuesday, retail chain Schoenenreus sent a letter to its staff stating the company had requested a postponement of payments, a harbinger of a possible bankruptcy. Schonenreus stores were closed on Tuesday.
The bankruptcy administrators of Halfords have recently agreed to reopen at least another 12 outlets of the chain. The buyers are existing franchisees and former employees. With this step, the restart of Halfords has been completed.
A large number of V&D employees plan to sue their own board because of the mandatory salary reduction of 5.8 percent. More than a hundred employees have already indicated that they will go to court once they've received the February payslips, including the salary sacrifice, Volkskrant reports
The Netherlands saw a total of 6,645 businesses go bankrupt in 2014. This constituted a 21-percent drop from 2013 which saw a record 8,376 bankruptcies across the country, according to new data released by Statistics Netherlands (CBS) on Friday.
Utrecht fashion chain Thom Broekman is bankrupt, marking the third blow to the Dutch fashion industry in only a week.
Retail chain Halfords is making a downsized restart. The company announced on Tuesday that approximately 20 percent of the former employees can start working again.
Since the beginning of the economic crisis in 2008, about 22 thousand stores in the Netherlands have disappeared, mostly due to bankruptcy. According to calculations by market researcher Q&A, there are about 90 thousand stores left at the end of this year.
Sports car manufacturer Spyker declared bankruptcy Thursday after years of financial turmoil following the firm’s failed attempt to revive Swedish automaker Saab. The Dutch firm filed for voluntary financial restructuring earlier in December.
The Netherlands rugby association NRB needs 1.2 million euro on the short term to avoid bankruptcy
All Dutch customers who invested in Icesave are to be refunded in full, the bank said last week. The online subsidiary of failed national Icelandic bank Landsbanki had offered Dutch customers five percent interest rates on savings, much higher than what was available in the Netherlands at that time, before going belly-up in 2008.
The Dutch fashion chain Mexx is bankrupt. The court in Amsterdam declared the bankruptcy yesterday afternoon.
The court in central Netherlands ruled on Wednesday that sports car builders Spyker must evacuate their factory in Zeewolde within 7 days and must pay over 152 thousand euro in rental arrears.
The operational profit of KLM fell by a quarter to 265 million euro in the third quarter.
Malaysia Airlines may become bankrupt after their second crash scandal within just four months rocks the airline to its foundations. The companies only remaining options seem to be delisting, according to sources from Bloomberg.
The number of businesses filing for bankruptcy has dropped 31 percent since May 2013. Last year, there were 800 declarations. In May this year, that number has dropped to 551, the Central Bureau for Statistics (CBS) reports.
The number of companies declaring bankruptcy in May dropped by 33 percent compared to the same period a year earlier, according to new numbers published by faillissementsdossier.nl. It is the largest monthly decline in bankruptcies since 2012.
The number of businesses going bankrupt is 15 percent lower this year than last according to figures from the Central Bureau of Statistics (CBS).
High-end jewelry chain store, Siebel, was sold to the Russian Moscow Jewelry Factory, announced curator Marinus Pannevis Thursday.
After receiving an extension for payment, chain bookstore Polare was officially declared bankrupt, announced the curator, Kees van de Meent Monday afternoon. The stores will remain open for now.