Hudson's Bay to close all stores in the Netherlands

Hudson's Bay is closing its doors in the Netherlands.

The Canadian retailer which opened to the Dutch in September 2017 will close 15 stores at the end of the year. As a result, 1,424 employees will be laid off.

Dutch newspaper Het Financieele Dagblad claims to have a confidential letter from the Hudson's Bay Company (HBC), the owner of the Dutch store which states 'Due to the long-term financially untenable situation, the shareholders in HBC have decided to stop further financing in HBC and to close the stores in the Netherlands by the end of 2019.'

Although Hudson's Bay denies that a final decision has been made (the negotiations with 'stakeholders' are still in full swing), trade unions CNV and De Unie have already confirmed the departure of the retail chain.

In June of this year, the owner of the Saks Fifth Avenue department stores announced the sale of its German and Belgian activities. The company had initially planned to open 60 Dutch department stores but falling sales and failure to catch on with Dutch shoppers due to the rapid rise of online shopping contributed to the end of its European adventure.

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