Hudson’s Bay Company cuts 2.000 jobs

Canadian retailer Hudson’s Bay Company (HBC) plans to eliminate about 2,000 jobs in North America, flattening the management levels at Saks Fifth Avenue, Lord & Taylor and Gilt. Once fully implemented by 2018, the layoffs are supposed to save $350 million per year. The announcement came with HBC’s Q1 earnings release, which showed a 3% sales decrease to $3.2 billion and a net loss of 221 million.

Hudson´s Bay Company

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