Hudson's Bay to Close Dutch Stores on December 31

AMSTERDAM, The Netherlands — Hudson's Bay will close its Dutch stores on December 31, the union that represents its workers in the Netherlands said on Thursday.

Hudson's Bay could not immediately be reached to confirm the closure of the 14 stores.

The CNV Union said 1,424 employees had been informed of the company's decision on Thursday, and added that severance packages were "respectful" to the people whose jobs would be lost.

"We've seen other retailers in the past just pull the plug and let themselves be declared bankrupt," said Jacqueline Twerda in a statement.

Earlier this week the Canadian retailer reported a second-quarter net loss from continuing operations of C$462 million, worsening from a C$104 million loss a year earlier, amid falling same-store sales, and store closures.

By Toby Sterling; editor: David Evans.