Canadian retailer Hudson’s Bay Company (HBC) is set to close 15 Hudson’s Bay stores, e-commerce site and headquarters in the Netherlands before the end of this year.
The company’s Netherlands retail arm is owned by a retail joint venture between SIGNA Retail Holdings and HBC, which also covers the operations in Germany and Belgium.
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According to the company, the store closures will not impact any operations of its business in Canada.
HBC said: “The Hudson’s Bay Netherlands management team worked intensively on a social plan, and have come to an agreement with local unions to offer solutions for employees impacted by the closure.”
Recently, SIGNA signed an agreement with HBC to divest its interest in the European retail joint venture.
The acquisition is expected to close during the fall of this year, and will allow HBC to take full control of its Netherlands business.
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By GlobalDataHBC currently operates 300 stores under various formats, including luxury and premium department chains. It has more than 40,000 employees worldwide.
Brands operated by the company in North America include Saks Fifth Avenue, Hudson’s Bay, Lord & Taylor, and Saks OFF 5TH.
Last month, Fashion rental subscription service Le Tote agreed to buy Lord + Taylor’s brand form HBC for $100m.
In February this year, HBC announced plans to close its Home Outfitters business in Canada this year, along with around 20 Saks OFF 5TH stores following a review of the total 133 stores in the US.
