The current state of retail has prompted big changes at Hudson’s Bay Company.
The retailer today announced a Transformation Plan for North America with three goals: make the company more agile, evolve its cost base and deliver a superior all-channel model. HBC said the changes are necessitated by the well-known and widespread difficulties at retail now.
The retailer anticipates the developments will result in $350 in annual savings by the end of FY 2018, $75 million of which was announced in February. The actions necessary to realize $125 million of those savings have already been completed. The Plan will result in $95 million in one-time expenses over the next 12 months related, in part, to severance charges.
Read more at Sourcing Journal.