Tuesday 20 August 2019

Banks, property owners play hard ball over V&D restart

Photo: Depositphotos.comPlans to restart at least part of the V&D department store group have been halted by property owners and the banks, the Volkskrant says on Tuesday, citing sources close to the talks.

The owners of 15 of the 45 properties which Dutch retailer Roland Kahn wants to take over have refused to back the deal, the paper says. In addition, the banks have not yet reached agreement with Kahn over the financing.

The official receivers said on Monday that the department stores will remain shut for four to six weeks while an inventory of stock is carried out.

The delay means ‘the future now looks grim’ for V&D, the Volkskrant says. The group, which went bankrupt at the end of last year, has a workforce of some 8,000.

Some building owners have already agreed to lease their property to Canadian department store group Hudson’s Bay, which wants to move into the Netherlands with a variety of retail formats, the Volkskrant says.

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