AMSTERDAM (Reuters) - Canadian retailer Hudson’s Bay will close its Dutch stores by the end of 2019, laying off some 1,400 employees, the Dutch business daily Financieel Dagblad reported on Saturday.
Citing a letter from Hudson’s Bay parent company HBC to undisclosed recipients, the newspaper said the stores in the Netherlands would be shut “due to an ongoing and untenable financial situation”.
Hudson’s Bay has 15 department stores in the Netherlands that have struggled to attract customers and have been operating at a loss.
The company has been selling businesses and closing stores over the past few years to focus on luxury department store chain Saks Fifth Avenue and its outlets in its Canadian home market, seeking to shore up its finances as shoppers skip brick-and-mortar stores in favor of buying online.
Reporting by Stephanie van den Berg; Editing by Mark Heinrich
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