September 12, 2018 / 2:15 PM / 3 months ago

Hudson's Bay sees 2018 losses of 194 million euros from European subsidiary: magazine

People walk by the Hudson's Bay Company (HBC) flagship department store in Toronto January 27, 2014. REUTERS/Mark Blinch

BERLIN (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.

Reporting by Tassilo Hummel; Editing by Michelle Martin

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