THE HAGUE, Netherlands — Canadian retailer Hudson's Bay Company says it plans to open up to 20 new stores in the Netherlands over the next two years, creating thousands of new jobs in a nation recently hit by the closure of a major chain of stores.

Hudson's Bay announced the expansion Tuesday, saying it will open both Hudson's Bay and Saks Off 5th stores.

The Toronto-headquartered company says its move should create some 2,500 jobs in the stores and a further 2,500 for construction workers and involve capital investment of some €300 million ($340 million).

Chairman Richard Baker says the move is a natural extension of Hudson's Bay's presence in neighboring Belgium.

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