The Dutch arm of the Hudson’s Bay department store group was declared bankrupt on December 31, a month after filing for court protection from its creditors.

The news means all 15 branches of the Canadian company in the Netherlands will remain closed, including two which courts had ruled earlier should be kept open.

Hudson’s Bay took locations which had been used by the bankrupt department store group V&D when it moved into the Netherlands just under three years ago.

Some of the properties are reportedly on a 20 year lease and, according to the Financieele Dagblad, the company may face up to €400m in guarantee payments.

The FD says the company has booked a loss of €300m in the Netherlands but its closing down sales proved popular, with some branches closing earlier than planned.

What will happen to the store premises is still unclear, the paper said, adding that the market for large department stores has dried up. Most are likely to be converted into mixed use residential, office and retail premises, the FD said.