The Canadian department store chain Hudson's Bay is leaving the Netherlands at the end of 2019, reports Het Financieele Dagblad on Saturday.

The FD has documents that show that the company will leave the Netherlands at the end of this year. The pieces come from Hudson's Bay Company (HBC), the owner of the Dutch stores.

The department store chain has only been active in the Netherlands since 2017.

Until now it was expected that Hudson's Bay would continue to exist in the Netherlands, but would have to make cuts.

The Canadian company in Europe has been doing poorly for a long time. For example, the Canadian company sold its German activities to industry partner Signa.

1424 employees on the street

"Due to the long-term financially untenable situation, the shareholders have decided to stop further financing in HBC and to close the stores in the Netherlands by the end of 2019," according to the FD, the letter says.

The letter also states that HBC will have to prepare a collective dismissal. The employment contracts of all employees must be terminated at the end of 2019.

A total of 1424 employees work at the 15 department stores and the head office. Hudson's Bay has branches in Amsterdam, Utrecht and Almere, among others.