HUDSON'S BAY LAYS OFF 2,000 WORKERS

Jun 08, 2017

By Bob Komsic

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The news that Canadian retail giant Hudson’s Bay Co. is cutting some 2,000 jobs does not come as a complete surprise.
In announcing its transformation plan for North American operations, HBC says some of the layoffs were announced back in February.
The moves are intended to save $350-million annually once the plan’s fully implemented by the end of fiscal 2018.
Hudson’s Bay say the savings are needed to help offset challenges its facing within the retail sector, that’s been hit by store closing as more shop online.
HBC first quarter earnings show a net loss of $221-million, more than double the $97-million loss in the same period a year ago.
Founded in 1670, HBC’s the oldest company in North American with over 480 stores and more than 66,000 employees.
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