Hudson's Bay Netherlands requests protection

Hudson's Bay Netherlands requests protection

The Dutch branch of the Hudson's Bay department store chain has requested deferment of payment. It is unclear whether the stores will remain open until the intended date, 31 December.

 

Penalty

The department store chain can no longer meet its financial obligations as a result of a court ruling and the resulting penalty payments. It is unclear what judgment and which penalties are involved. The company will now work with a trustee to see whether the Dutch stores can remain open until the end of this year, as planned. Sales will continue for the time being, national broadcaster NOS reports.

 

On 19 September, Hudson's Bay confirmed that all fifteen Dutch branches would close by the end of this year. At the same time, the Canadian chain announced a social plan for the 1,400 employees who would lose their jobs. Trade union CNV has already stated that the social plan will not be compromised, even if the company is declared bankrupt after all.

 

Two years ago, Hudson's Bay opened its first stores in the Netherlands, mostly in the large (and expensive) buildings that had become available after the bankruptcy of V&D. According to the Volkskrant, these expensive locations are now making the company's problems even worse: it is still stuck in lease contracts that will run for years to come and cost many millions of euros.