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By
Reuters
Published
Jul 20, 2009
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KKR-owned Dutch retailer V&D, union reach agreement

By
Reuters
Published
Jul 20, 2009

AMSTERDAM, July 17 (Reuters) - V&D, a Dutch department store chain partly owned by private equity firm Kohlberg Kravis Roberts & Co [KKR.UL], reached an agreement on Friday 17 July with its union on a disputed wage deal.


Lady's fashion at V&D

V&D withdrew its request for staff to delay a pay rise to save jobs in the recession, a measure opposed by Dutch union FNV.

"The parties understand each other's position," FNV Director Henk van der Ploeg said in a statement. "V&D is now in a trough, but not in a position where jobs should be lost."

Under a new collective labour agreement, which runs for a year from February to July of 2011, V&D has promised not to adopt any reorganisations and employees will receive holiday days instead of a lump sum payment.

V&D is part of Dutch retail group Maxeda, which was bought by KKR and private equity funds Permira [PERM.UL], Cinven [CINV.UL] and AlpInvest Partners in 2004 for 2.4 billion euros ($3.39 billion).

($1=.7089 Euro)

(Reporting by Reed Stevenson; Editing by Jon Loades-Carter)

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