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.