Troubled department store group V&D is cutting 300 jobs as part of a major overhaul, the company said on Tuesday. Unions had feared up to 400 jobs would go.

Those unaffected by the job losses will continue to work under their current pay and conditions agreements but may be given ‘enriched functions with adapted roles and tasks’, the company said in a statement.

V&D received a new cash injection of €47m from its owner, private equity investor Sun Capital, in July.

The new investment is a buy-out of the bank consortium which had been propping up V&D since its financial problems became apparent earlier this year. V&D, which has 63 department stores in the Netherlands, has already agreed a temporary rent cut with most of its landlords.