The chain of department stores can, because of a court decision and resulting penalties, no longer 'treat the creditors equally', the company said. It is being examined whether the stores can remain open until the end of the year.
What it means in concrete terms is that an administrator is appointed who will be responsible for the payments. He or she will determine which invoices must be paid first. "Hudson's Bay does not yet know exactly what that means for payments," a Hudson's Bay spokesperson told RTL Z.
The management of Hudson's Bay Nederland, together with the administrator, wants to continue the sale of wrappings already started. According to the company, the social plan that was concluded in September for the 1,400 employees in the Netherlands remains unchanged. "Nothing is adjusted to the payment obligation for employees," said the spokesperson.
Department stores closed
The company previously announced that the 15 department stores would close by 31 December 2019 at the latest. Hudson's Bay Company announced this in September.
The chain that was launched about two years ago in the Netherlands turned downright badly. Allegedly there was a loss of 80 million euros in our country.
Hudson's Bay wanted to jump into the hole in the Netherlands that was left behind by the V&D that went into the bottle a year earlier. This spring the chain opened two new branches, in Utrecht and Amstelveen.
Years of lease contracts
Since the closure of the stores was announced, there has been a rumble between the company and the owners of the properties in which the stores are located. The company is committed to years of lease contracts, with terms of up to twenty years. The owners of those properties have also incurred considerable costs.
When the Canadian company Hudson's Bay took over fifteen properties from the bankrupt department store chain V&D, the requirement was that all properties would be renovated. The property owners have put millions in this. On the other hand, long-term lease contracts were set, with a rental guarantee. Standing there hundreds of millions of euros from that guarantee.
Watch the video we made earlier: what should happen now to the premises of Hudson's Bay