Canada’s oldest company Hudson’s Bay Co. is cutting 1,000 jobs in Canada, or about five per cent of its full-time workforce, as part of a corporate restructuring to improve efficiency and lower operating costs.
The Toronto-based retailer said yesterday the cuts, and other streamlining moves, will save it about $150 million this year.
The streamlining announcement follows a restructuring announced last month that creates a shared services group designed to provide finance, IT, supply chain and logistics and central operations to all Hudson’s Bay businesses in North America.
Yesterday’s streamlining is one of the first major moves made by chief executive Jeff Sherman to revitalize the company.
John Williams, senior partner at retail consultant JC Williams Group, said the job cuts are also likely a result of a disappointing holiday sales period.
Hudson’s Bay said the staff reductions will include both administrative positions as well as store positions.