(Bloomberg) -- Hudson's Bay Co.'s European adventure is nearing an end, as the Canadian retailer plans to close its 15 Dutch department stores, Het Financieele Dagblad reported.
The company will shut the stores and dismiss the workforce of more than 1,400 by the end of the year, the Dutch newspaper said, citing a letter from Hudson's Bay. A spokesperson wasn't immediately available to comment.
The owner of the Saks Fifth Avenue department stores entered Europe in 2015, buying Germany's Kaufhof chain, and began the Dutch operation in 2017. It had a plan to open 60 Dutch department stores and generate 1 billion euros ($1.1 billion) in revenue, the newspaper said.
However, the large, multi-floor stores selling items from branded clothing and home decorations to watches, jewellery and perfumes failed to catch on with enough Dutch shoppers amid the surging growth of online retail.
The company announced the sale of its German and Belgian activities in June and hired a financial adviser to review options for the Netherlands business.
To contact the reporter on this story: Ruben Munsterman in Amsterdam at rmunsterman1@bloomberg.net
To contact the editors responsible for this story: Andrew Davis at abdavis@bloomberg.net, Thomas Pfeiffer, James Amott
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