Business

Dutch V&D department store business goes bust

Vroom and Dreesmann shop in Haarlem, near Amsterdam, on December 23, 2015 Image copyright AFP

Vroom & Dreesman, the largest Dutch department store chain, has declared itself insolvent.

The company employs about 10,000 staff at 67 stores and hopes to remain open after a reorganisation of the business.

"Together with the receivers and our employees, we're working hard on the best restructuring possible," it said.

The company has been running out of money after suffering from falling sales.

V&D was bought by a US private equity firm, Sun Capital, in 2010 and had been losing money for many years.

The current owners had been providing emergency funding but recently decided to stop doing so.

The company said it would try to keep its stores open to help attract a buyer for the business.