Hudson’s Bay Company plans on cutting approximately 2,000 jobs as it would “reduce expenses by rationalizing its corporate functions and overhead across North America.”
The Canadian Holding Company is changing its hierarchy across the board, which said to expects in annual savings of more than $350 million at the end of the 2018 fiscal year. HBC said the restructuring and job cuts is needed to save $125 million.
In a statement by the company, “These savings are required to help offset revenue, margin and cost pressures the company is facing as a result of the current environment.”
HBC also said it is creating distinct leadership teams for its Hudson’s Bay and Lord & Taylor store chains.
Some of cuts began on Thursday and included senior-level employees like senior VP of digital retail at Saks Fifth Avenue Joe Milano. Also, Gilt Groupe and Lord & Taylor are expected to make some organizational changes as well.
Source:
Hudson’s Bay Company
Business of Fashion
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