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Hudson’s Bay Stores to Close in the Netherlands
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.
The Hudson’s Bay Netherlands management team worked intensively on a social plan, and have come to an agreement with local unions to offer solutions for employees impacted by the closure.
HBC is a diversified retailer focused on driving the performance of high-quality stores and their omni-channel platforms and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in
HBC also has significant investments in joint ventures. It has partnered with
Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including, the anticipated closure of HBC’s
Although HBC believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond HBC's control and the effects of which can be difficult to predict: (a) the ability to obtain the required consents and/or approvals, or otherwise successfully complete the European transaction on the anticipated timeline; (b) the ability to realize the expected benefits from the closure of HBC’s
HBC cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause HBC's actual results to differ from current expectations, please refer to the "Risk Factors" sections of HBC's Annual Information Form dated
The forward-looking statements contained in this news release describe HBC's expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, HBC does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
Jennifer Bewley, 646-802-4631
Andrew Blecher, 646-802-4030