Hudson's Bay Netherlands requests for deferment of payment

After announcing plans to exit the Dutch market in September this year, Hudson’s Bay Netherlands has now requested a deferment of payment, reports RTL Z.

According to the report, the Hudson’s Bay has announced that says “it can no longer meet the payment obligations due to the court decision and the periodic penalty payments that were imposed upon the company”. The company further added to the statement that along with the administrator, it is reviewing whether the department stores in the Netherlands can remain open until the previously announced closing date of December 31, 2019.

Hudson’s Bay entered the Netherlands a couple of years ago but was not successful in its attempt to boost sales since the beginning. In September, HBC Netherlands BV, owned by a joint venture of Hudson’s Bay Co. and Signa Retail Holdings, had said that it will close its 15 Hudson’s Bay stores, e-commerce site and headquarters in the Netherlands by December 31, 2019.

Picture:Hudson’s Bay, Amsterdam. Credits: Steven Lek, Wikipedia Commons