September 12, 2018 / 1:59 PM / a month ago

Hudson's Bay sees 2018 losses of 194 mln euros from European subsidiary -magazine

BERLIN, Sept 12 (Reuters) - Hudson’s Bay expects to make losses of 194 million euros ($224.90 million) this year with its European subsidiary which includes German retail chain Kaufhof, Wirtschaftswoche magazine reported on Wednesday, citing internal documents.

Kaufhof’s owners do not expect to avoid making losses in the foreseeable future, the magazine cited a paper as saying.

Wirtschaftswoche cited internal budget figures as showing that the joint venture resulting from a merger agreed on Tuesday of the two German retail chains Kaufhof and Karstadt would make losses of around 115 million euros next year. ($1 = 0.8626 euros) (Reporting by Tassilo Hummel Editing by Michelle Martin)

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