Money: Hudson's Bay to close Dutch stores: newspaper - PressFrom - Canada
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MoneyHudson's Bay to close Dutch stores: newspaper

08:41  02 september  2019
08:41  02 september  2019 Source:   reuters.com

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Hudson’s Bay Soars After Catalyst Buys Stake to Block Chairman Canadian private equity firm Catalyst Capital Group Inc. bought a 10% stake in Hudson’s Bay Co. through a previously announced tender offer as part of its efforts to block a proposed takeover by the retailer’s chairman. The Toronto-based firm said in a statement it had received and accepted about 18.5 million shares in Hudson’s Bay for roughly C$187 million ($141 million) in cash at C$10.11 per share. That’s a premium to a C$9.45 a share offer from Chairman Richard Baker and his partners. The stock jumped 9% to C$10.22 in Toronto, the biggest gain in more than two months.

Canada's iconic department store chain Hudson ' s Bay is to close its doors in the Netherlands at the end of the year leading to 1,400 job losses, Dutch Hudson ' s Bay opened its Amsterdam store with much fanfare in September 2017, hoping to buck a trend seen on Dutch shopping streets in recent

Hudson ' s Bay only opened its Amsterdam store two years ago but now the firm will shutter all 15 of its Dutch outlets "due to the long-term financially untenable situation". The Hague (AFP) - Canada’s iconic department store chain Hudson ’ s Bay is to close its doors in the Netherlands at the end of the year

Hudson's Bay to close Dutch stores: newspaper © Reuters/Mark Blinch FILE PHOTO: People walk into the Hudson's Bay Company (HBC) flagship department store in Toronto

AMSTERDAM (Reuters) - Canadian retailer Hudson's Bay will close its Dutch stores by the end of 2019, laying off some 1,400 employees, the Dutch business daily Financieel Dagblad reported on Saturday.

Citing a letter from Hudson's Bay parent company HBC to undisclosed recipients, the newspaper said the stores in the Netherlands would be shut "due to an ongoing and untenable financial situation".

Hudson's Bay has 15 department stores in the Netherlands that have struggled to attract customers and have been operating at a loss.

The company has been selling businesses and closing stores over the past few years to focus on luxury department store chain Saks Fifth Avenue and its outlets in its Canadian home market, seeking to shore up its finances as shoppers skip brick-and-mortar stores in favor of buying online.

(Reporting by Stephanie van den Berg; Editing by Mark Heinrich)

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