The Traderszone Network

Published in TZ Latest News 29 September, 2015 by The TZ Newswire Staff

Hudson’s Bay cutting 265 jobs, streamlining in North America

Hudson’s Bay Co (HBC.TO) plans to eliminate 265 corporate jobs, mostly in the United States, and cut costs to save C$75 million ($55.86 million) as it streamlines its North American operations, the department store operator said on Tuesday. The retailer, founded in 1670 and North America’s longest continually operated company, is expecting a C$20 million charge in the third quarter as it consolidates to cut duplication across department store operations. Hudson’s Bay, which also owns the Lord & Taylor banner in the United States, bought the Saks luxury chain in 2013 for $2.4 billion.