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Hudson's Bay: No definitive decision yet about leaving the Netherlands

2019-09-12T15:23:12.610Z

The Canadian department store chain Hudson's Bay is not going along with the rumors that it is leaving the Netherlands. The company does say that the Dutch branch is underperforming and that the strategy is being examined.


The Canadian department store chain Hudson's Bay is not going along with the rumors that it is leaving the Netherlands. The company does say that the Dutch branch is underperforming and that the strategy is being examined.

That says a spokesperson for the department store Thursday in an explanation of the quarterly figures. At the end of August, trade union CNV and Het Financieele Dagblad ( FD ) reported that the department store chain was closing all branches in the Netherlands, which would cost some fourteen hundred jobs.

Hudson's Bay holds on to an earlier report from mid-June. Then the company announced that the Dutch branch is underperforming and that branches may have to close. The company cannot announce more than that now, let it know: "We don't have any updates on that yet."

The largest cost item for the Dutch branch is in the rent. The company has ten-year lease agreements, and has to pay a total of around 75 million euros in rent annually.

Hudson's Bay published its second quarter results on Thursday. In the second quarter, the company recorded around 69 million Canadian dollars (47 million euros) in Europe. The company does not break down financial details about the Dutch branch.

See also: Hudson's Bay in the Netherlands: Short and not that powerful

Source: nunl

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