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Hudson’s Bay Company Restructuring to Include 2,000 Lost Jobs

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.