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Introduction

On the very last day of 2015 Vroom and Dreesman (V&D) declares itself insolvent. Some branches were still in operation until 15 February 2016, until they shut down entirely on 16 February 2016 (Heijden, 2016). The company had existed for 128 years and had sixty-two locations, a web shop, and about 10.000 employees (V&D, 2015). After years of struggling and restructuring the investment company behind V&D (Sun Capital Partners (Driessen, 2015). In this report I will discuss the following: Why did V&D go bankrupt? What was Sun Capital Partners’ role in this? Differences between V&D and La Place, why was La Place bought by Jumbo, but did no one want to buy V&D?

History

V&D was founded in 1887

Why did V&D go bankrupt?

What was Sun Capital Partners’ role in this?

V&D was bought by Sun Capital, a private equity firm, in 2010 (Dutch V&D department store business goes bust, 2015). At this time they had had losses for the last few years. On top of the losses there were also a lot of extra investments in stores and employees. Sun Capital focusses on investing and running companies, usually with an annual revenue between fifty and five hundred million dollar a year.

Sun Capital has invested in many companies, but with differing results. In 2008 Sun bought the German parcel service Neckerman, which went bankrupt in 2012 after Sun refused to invest any more money. (Driessen, 2015). However, the capital funds achieve above average rates, which means that Sun does well over all.

As V&D lost money annually ever since 2010, which meant they required constant financial injections from their bank and from Sun Capital. When the banks pulled out in July 2015 (Department store group V&D declared bankrupt, 10,000 jobs at risk, 2015)

Differences between V&D and La

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