Home » Money

North America's oldest company will be cutting 2000 jobs

09 June, 2017, 09:14 | Author: Paula Vaughn
  • Saks Fifth Avenue Parent Will Cut 2000 Jobs as Losses Mount

Hudson's Bay Company (HBC.TO) said on Thursday it would cut about 2,000 jobs across North America in a major restructuring effort as it reported a wider-than-expected first-quarter loss.

Hudson's Bay Co., whose banners include Saks Fifth Avenue and Lord & Taylor, has lowered the ax.

The company also announced it has split the Canadian and U.S department store operations back into two groups, five years after putting Hudson's Bay in Canada and Lord & Taylor in the USA under the control of one management team.

The company said the cuts were decided after a six-month review of ways to slash costs and streamline its operations.

First-quarter results are "not an overly meaningful quarter for the company, and weather was certainly unfavourable, but the trends at both HBC and across the USA department-store space remain worrisome", Mark Petrie, retail analyst at CIBC World Markets, said in a report last month.

Gilt, which mostly sells its wares online, "accounted for an outsized portion" of the sector's declining comparable sales, the company said. "Our team is taking the right steps to optimize our North American business and create efficiencies by leveraging the scale of our company", Richard Baker, governor and executive chairman of HBC, said in a statement.

Apple WWDC showcases HomePod smart speaker and new operating system
The HomePod , to be launched later this year, has six microphones built into it and is powered by Apple's smart assistant Siri . HomePod will integrate with your other Apple devices through iCloud to fetch appointments and reminders as well.

Hudson's Bay Co. said Thursday that the layoffs are meant to save US$258 million (CA$350 million) annually once the plan is fully implemented by end of fiscal 2018. "These changes will enable us to react faster to the ever-changing environment and evolving customer preferences to get ahead of industry developments".

The retailer named Hudson's Bay company veteran Alison Coville as president of Hudson's Bay. She will now be fully focused on leading that USA banner, together with a dedicated leadership team.

HBC's new operating model. HBC. Similarly, digital marketing will be folded into the company's marketing center and it has been centralized, allowing it to function like an in-house agency.

HBC's buying and planning teams have also been restructured to reduce layers.

"Meanwhile, the USA faces a different set of opportunities and challenges".

"With all the changes taking place in the industry, we know we need to be a leaner organization, but we also want to make sure that we're a better one", Chief Executive Jerry Storch said in an interview, adding that no store closures are planned as part of the announcement.


  • Groenefeld eying another mixed doubles title in Paris

    Groenefeld eying another mixed doubles title in Paris

    With this epic win, Bopanna has now listed his name among the four Indian players who have won the Grand Slam title including him. After that Groenefeld held serve comfortably and the German-Colombian pair closed out the first set in 21 minutes.
    Land Rover BAR face New Zealand in the last four

    Land Rover BAR face New Zealand in the last four

    Racing was cancelled due to a lack of wind, conditions in which Team New Zealand has previously looked much stronger than others. And Ainslie went on to admit the New Zealand defeat was probably the first time he had ever voluntarily retired from a race.
    BIGBANG's TOP hospitalised: Rapper remains unconscious due to suspected drug overdose

    BIGBANG's TOP hospitalised: Rapper remains unconscious due to suspected drug overdose

    Experts said his condition did improve this morning after receiving emergency treatment but was still in a "narcoleptic state". If sentenced to a jail term of 18 months or more, the Korean star will be required to re-enlist, said the report.
  • Apple to showcase new features for its gadgets

    Apple to showcase new features for its gadgets

    It's part of Apple's effort to entice professionals with tablets that can handle many tasks previously reserved for laptops. It'll have an initial December release in the UK, USA and Australia, available from €349 (US) in white and space grey.
    China says USA  report 'irresponsible'

    China says USA report 'irresponsible'

    The Pentagon report flagged Chinese military advances, including in space and at sea. Countries including Pakistan and Afghanistan welcome it as a path out of poverty.
    David Beckham's MLS Miami stadium gains Miami-Dade approval

    David Beckham's MLS Miami stadium gains Miami-Dade approval

    But Hardemon is skeptical as on that front well, adding: "I don't believe that, necessarily, a stadium will revitalize an area. They voted on Tuesday to approve a deal to sell David Beckham's group almost three acres of county land.
  • Apple announces new Kaby Lake iMacs

    Featuring next-generation Intel Xeon processors up to 18 cores, iMac Pro is created to handle the most demanding pro workflows. Apple also announced the launch of a new 10.5 inch iPad Pro, which has a retina display and weighs only 0.45kg.

    LeBron James Ranks Second Among Highest Paid Athletes For 2017

    Other soccer playes in the top 25 are No. 18 Neymar ($37 million) and No. 24 Gareth Bale ($34 million). Forbes calculated its ratings based on income earned in the 12-month period ending June 1, 2017.
    Watch live SpaceX rocket launch tonight

    Watch live SpaceX rocket launch tonight

    Dragon's new launch date will enable the Orbital ATK Cygnus cargo spacecraft to depart the station Sunday, June 4. The heat shield, however, has been replaced, he told reporters at a pre-launch press conference on Wednesday.
  • Keith Urban Wins Big at CMT Awards, Carrie Underwood Makes History

    Keith Urban Wins Big at CMT Awards, Carrie Underwood Makes History

    For the performance, Underwood wore a long, billowing shirt with an actual train and a pair of black (maybe leather?) trousers . Urban was also crowned Social Superstar after defeating Jake Owen, Kelsea Ballerini , Alaina, and Rhett in this category.
    Watch as Jerry Seinfeld rejects Kesha as awkwardly as possible

    Watch as Jerry Seinfeld rejects Kesha as awkwardly as possible

    Seinfeld didn't issue a public statement about the incident on Twitter . Kesha , however, did get a consolation hug from musician Ben Folds .
    The Clooney Twins are

    The Clooney Twins are "Beautiful" and Have Dark Hair, Says George's Dad

    From 3,300 miles away, Nick and Nina Clooney met their newest grandchildren, Alexander and Ella Clooney via Skype. George , 56, and Amal , 39, announced the new arrivals with a statement by their spokesman on Tuesday ( 6 June).


Snyder Congratulates Stoops on Career at Oklahoma
Stoops quickly returned Oklahoma to national prominence, winning the 2000 national championship with a victory over Florida State. The statement said Stoops, 56, believed it was the appropriate time to conclude his time coaching in Norman, Oklahoma .

Tesla Model Y previewed for the first time, new medium crossover
He also shared a simple piece of advice when asked by a shareholder what he thought of AAA's increase in Tesla insurance premiums. COMPETITION: Until now, Tesla has owned the market for fully-electric vehicles that can go 200 miles or more on a charge.

Midland County Public Libraries 2017 Summer Reading Program
Those who read at least four books or attend four programs will be entered to win this year's grand prize, an Apple iPad. The Summer Reading Program will conclude with a celebratory Ice Cream Social on July 28 at 2 p.m.

Vladimir Putin Warns "Nobody Would Survive" Hot War Between US And Russia
Apparently referring to the prospect of death, he then said, "One day, this is going to happen to each and every one of us". As for Putin, he has used sexism against his opposition in the past.

Selena Gomez in Love With The Weeknd
However she still went braless in the delicate number. "I am very empathetic so sometimes traveling can be hard for me". She and her friends went out to dinner with the "I Feel It Coming" singer at the NY hotspot Carbone.