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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.

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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.

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