Canada's Hudson's Bay to take over 20 Dutch department stores

Tue May 17, 2016 2:43am EDT
 
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AMSTERDAM May 17 (Reuters) - Hudson's Bay Co. of Canada will expand in Europe by taking over 20 department stores in the Netherlands, it said on Tuesday.

It is in the final stage of talks about leasing prime locations of the oldest Dutch department store chain V&D, which went bankrupt in December.

The Canadian company reported retail sales of C$4.49 billion in its most recent quarter, up from C$2.63 billion a year earlier, helped by its 2.8 billion euro acquisition of German department store operator Kaufhof.

Hudson's Bay expects its first Dutch store to open in the summer of 2017. (Reporting by Anthony Deutsch; editing by Jason Neely)