TORONTO – Hudson’s Bay is laying off 265 people. Company spokeswoman Tiffany Bourre says the cuts will affect a variety of jobs but will mainly be from its corporate offices in Toronto and New York.
Bourre says the majority of the layoffs are in the New York offices, though she could not quantify the difference.
Get weekly money news
The company, which was founded in 1670, employs close to 45,000 people around the world.
MORE: Dollarama, Hudson’s Bay thrive as Canada’s retail landscape ‘transitions’
The retailer acquired U.S. luxury retailer Saks in 2013 and has been spending heavily on expansion plans to bring the chain and its lower-cost sister chain Off 5th to Canada as well as to more locations in the United States.
The revamp away from its traditional department store roots and toward a higher-end lineup of products has helped HBC turn itself around in recent years, experts say.
The retailer has also put a focus on significantly growing its online e-commerce business.
Comments