Hudson's Bay (HBAYF) said late Thursday that it's cutting about 2,000 jobs in North America as part of an effort to restructure amid an "evolving retail environment," the Wall Street Journal reported.
The Canadian company, which owns retailers Saks Fifth Avenue and Lord & Taylor, expects to save over C$350 million by the end of FY 2018 with the cuts.
These job eliminations will affect about 4% of Hudson's 66,000 employees, primarily those in corporate headquarters and store personnel, a spokeswoman told the WSJ.
Hudson's retail sales fell 3% in the last quarter, or about C$3.2 billion. For the same period last year, the company posted a loss of C$221 million.
Hudson's stock closed down almost 1% yesterday.
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