Hudson’s Bay Co. to Lay Off 265 People in Realignment
Hudson’s Bay Co. is cutting 265 head office jobs as the company works to streamline operations and pour resources into its growing digital businesses. The owner of Hudson’s Bay and Saks Fifth Avenue aims to save $75 million in the move, which means cuts at its New York and Toronto offices. The majority of the cuts are from the New York office. The savings are in addition to the some $100 million in synergies realized after the company’s (US) $2.4-billion purchase of Saks two years ago. The cuts announced Tuesday affect just over 0.5 percent of the retailer’s global network of close to 45,000 employees.