Hudson’s Bay Co. closing its 15 Hudson’s Bay stores in the Netherlands

Hudson’s Bay Co. closing its 15 Hudson’s Bay stores in the Netherlands
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TORONTO — Hudson’s Bay Co. is closings its 15 Hudson’s Bay stores in the Netherlands, according to the union representing workers at the stores.

The union says there are 1,424 employees, although it’s not clear how many are full-time and how many are part-time.

The company was not immediately available for comment.

HBC opened its first Hudson’s Bay store in the Netherlands in 2017 as part of its growth strategy in Europe, but has since shifted to focus fully on North America.

In June, the company announced a deal to sell its remaining stake in its German real estate joint venture and sell its related retail joint venture to its partner, Signa.

As part of the agreement, HBC assumed ownership of the Dutch retail business. HBC said at the time it had hired a financial adviser to review its options for the operations, which had not performed to expectations.

This report by The Canadian Press was first published Sept. 20, 2019.

Companies in this story: (TSX:HBC)

The Canadian Press

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