Hudson's Bay Company (TSE:HBC) is cutting 265 jobs in its corporate offices in Toronto and New York. The department store chain said the layoffs will not affect any sales associates.
Instead, the cutbacks come in departments such as accounting, finance and IT, The Star reported. A majority of the losses will be U.S. staff, both immediate and through position phasing out.
The announcement comes two years after Hudson's Bay acquired Saks for $2.9 billion, not long after it acquired luxury chain Lord and Taylor. This year, Hudson's Bay was named the fastest growing retailer in the U.S.
The layoffs are expected to save the company $75 million in 2016.
In addition, the retailer is consolidating all store operations under a single technology platform, lead by two new top executives: CIO Janet Schalk and Dion Rooney, exec-VP of HBC Digital. Schalk joined Hudson's Bay from Kohl's despite a lawsuit filed against her based on a noncompete clause in her contract with Kohl's.
See this The Star article
Saks uses social media to nab shoppers
Saks expands free shipping to all orders, no minimum
Hudson's Bay's e-commerce up 73% in quarter
Saks shareholders approve merger with Hudson's Bay Company
Saks Agrees To Hudson's Bay Buyout, No Lord & Taylor Merger