Outlet department store Saks Off 5th leaving the Netherlands
Saks Off 5th is leaving the Netherlands. The outlet department stores' branches in Amsterdam and Rotterdam will soon close. On social media, Saks Off 5th said that it is "sad" to be leaving the Netherlands "towards the end of June".
Saks Off 5th sells expensive brands at outlet prices. Earlier this month, the company already announced that it is closing its six branches in Germany.
The parent company of Saks Off 5th is German department store chain Galeria Karstad Kauhof, the same chain that also owns Hundson's Bay Nederland. Last week German business magazine WirtschaftsWoche reported that Hudson's Bay is not doing well in the Netherlands. The magazine wrote, based on internal documents from Galeria Karstad Kauhof, that the company sees "a closure or bankruptcy later this year as the most economical solution".
Hudson's Bay Nederland did not want to respond to these reports, according to NOS.