The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
TORONTO, Canada — Hudson's Bay Co plans to eliminate 265 headquarter and other corporate jobs and cut costs to save C$75 million (US$55.86 million) as it streamlines its North American operations, the department store operator said on Tuesday.
Shares were up 4.8 percent at C$20.39 following the announcement.
The company said it is expecting a C$20 million charge in the third quarter as it consolidates key business functions to cut duplication across its various department store operations.
The cuts, which will impact just over 0.5 percent of its nearly 45,000 employees, will primarily impact U.S. positions, a company spokeswoman said.
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Hudson's Bay, which also owns the Lord & Taylor banner in the United States, bought the Saks luxury chain in 2013 for $2.4 billion. Earlier this summer, it announced a 2.8 billion euro ($3.14 billion) deal to buy Germany's Kaufhof chain.
By Solarina Ho; editor: Lisa Shumaker.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.