By: Nadeemy Haded
The bankruptcy report issued by Canadian clothing retailer Hudson's Bay chain showed that the company has lost more than 180 million euros during its presence in the Netherlands during the past three years.
The report indicated that the chain lost a huge loss of 184 million euros after opening its first branch in the Netherlands three years ago and until the closure of all its branches by the end of last year.
In 2017, the Canadian chain opened its first stores in the Netherlands, with losses that year amounted to 28.6 million euros, and in the following year the company’s losses amounted to 81.4 million euros, and last year the chain loss until the end of November was 73.8 million euros.
All 15 chain stores in the Netherlands were closed on New Year's Eve last year. On December 31, the Hudson's Bay chain of stores in the Netherlands was officially declared bankrupt.
The Canadian company Hudson’s Bay has invested, in cooperation with the Austrian investment company Signa and building owners, about 516 million euros in Hudson's Bay Nederland.
The bankruptcy report coordinators say, “Despite the goodwill, Hudson's Bay stores haven't been launched enough on the ground. The reason for bankruptcy lies in the fact that shareholders no longer wish to settle the losses.
Hudson's Bay chain continues to pay rental properties until the end of this month. Then the empty stores must be delivered to their owners. There were no longer any merchandise in the stores, as everything was sold for closure.
There is still some equipment in stores such as sales boxes and clothes models, as most of this equipment has been sold to the German retail chain Kaufhof for more than 3 million euros.