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Canadian company HBC to expand to the Netherlands and open 20 stores by 2017

"We are very pleased to introduce our Canadian Hudson's Bay banner, one of the world's most exciting department stores, to the Netherlands," HBC chair Richard Baker said. "Our acquisition of Galeria in 2015 established our European headquarters in Cologne and a platform for future organic growth. Expansion into the Netherlands is a natural extension of our existing presence in Belgium as well as our planned entry into Luxembourg and will complete our presence in all of the Benelux countries."

Hudson's Bay, with its headquarters in Toronto, says the move should create some 2,500 jobs in the stores and a further 2,500 for construction workers, and involve capital investment of some $340 million.

The Dutch retail landscape was rattled late last year by the collapse of department store chain V&D.