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.
Thank you for donating to DutchNews.nl
The DutchNews.nl team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments.
DutchNews.nl has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.