Dutch supermarket firm Jumbo will take over the reigns of La Place restaurants in a deal approved by the administrators overseeing the restaurant parent, V&D’s bankruptcy. Jumbo will initially take over 60 restaurants, the company’s assets and its headquarters, the administrators announced on Tuesday.
Current V&D owner Sun Capital will not be allowed to bid on the bankrupt retail chain and La Place. The bankruptcy administrators invited more than 10 interested parties to make an official bid and the private equity firm is not among them
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
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.
The Dutch government should prevent firms from loaning private equity companies money to use for business acquisitions, PvdA Member of Parliament Henk Nijboer said on Thursday. The Dutch labour party MP announced on Thursday he would submit the initiative to the parliament the following month.
The employees of V&D and La Place are willing to accept a 2 percent wage cut, the lawyer for FNV and CNV said in the summary proceedings before the Amsterdam court this morning, AD reports
V&D will shrink each of its 63 branches in return for the landlords of V&D department stores handing in 25 million euro in rent. That is the result of the final meeting between V&D and the landlords of its stores. V&D owner Sun Capital still hast to approve this agreement.
The V&D crisis talks with the company's landlords continued last night. V&D wants the landlords to give them 6 months time to work on a new strategy, NOS reports based on the company's concept plans. The company also wants a rent discount of more than 50 percent for the next 6 months.