Hudson’s Bay Co. is shutting down its operations in the Netherlands.
HBC Netherlands BV, which is owned by a joint venture of Hudson’s Bay Co. and Signa Retail Holdings, announced it will close its 15 Hudson’s Bay stores, e-commerce site and headquarters in the Netherlands by December 31, 2019. The closings are not expected to have any impact on the day-to-day operations of the Hudson’s Bay business in Canada, the retailer stated.
Hudson’s Bay’s joint venture with Signa comprises German, Belgium and Netherlands operations.
“As part of HBC’s agreement with SIGNA to divest its interest in the European retail joint venture, Hudson’s Bay Netherlands is expected to transfer wholly to HBC, upon the transaction’s closing, which is anticipated to occur during the fall of 2019,” Hudson’s Bay stated.
Hudson’s Bay portfolio includes more than 300 stores across North America, including such banners as Saks Fifth Avenue, Hudson’s Bay, Lord + Taylor, and Saks Off 5th. It also has several joint ventures in addition to its with Signa. It has partnered with Simon Property Group Inc. in the HBS Joint Venture, which owns properties in the United States. In Canada, it has partnered with RioCan Real Estate Investment Trustin the RioCan-HBC Joint Venture. HBC has partnered with SIGNA Retail Holdings for real estate and retail joint ventures in Europe.