Tuesday 10 December 2019

Hudson’s Bay files for court protection in the Netherlands

Hudson’s Bay in Amsterdam. Photo: Depositphotos.com

The Dutch arm of the Hudson’s Bay department store group has filed for court protection from creditors because it can no longer meet its payments.

A court ruling earlier this week means the company can no longer treat its creditors equally, the company said in a statement. A spokesman told the Financieele Dagblad this is likely to refer to the physical shops where the company operates.

Hudson’s Bay took over some 15 locations which had been used by the bankrupt department store group V&D when it moved into the Netherlands just under three years ago. Some of the properties are reportedly on a 20 year lease.

In September, the company confirmed it will close its 15 stores in the Netherlands at the end of this year.

The closures will leave 15 large city centre premises empty and will cost the company €51m a year in rent – or €400m over the full guarantee period, the Financieele Dagblad said earlier this year.

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