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Hudson's Bay to close Saks Off Fifth stores in the Netherlands

Christian Fernsby ▼ | April 19, 2019
Hudson’s Bay offshoot Saks Off 5th is closing its doors in Amsterdam and Rotterdam at the end of June.
Saks Off 5th
Europe   Saks Off 5th
The news follows mounting speculation that the company’s European expansion is in trouble.

Last week, German paper WirtschaftsWoche reported the parent company of Hudson’s Bay’s European operations was considering closing shops in the Netherlands this year, or letting the company go bankrupt.

And at the end of last year, the Telegraaf reported that the new owners – German retail group Karstadt – are ‘extremely concerned’ about the major investments the company is making in the Netherlands and the disappointing earnings.

The paper based its claims on internal documents which show the company has lost more than €80m in the Netherlands this year.