Hudson's Bay Company Cuts 1,000 Canadian Jobs
HBC will eliminate 1,000 Canadian jobs, or about 5% of its workforce, in an effort to restructure and survive the dour retail market which has affected retailers around the world. Major store closures and layoffs have made headlines in US and the UK, but so far Canada has not felt the brunt of the economic downturn.
The layoffs, which will occur in both retail and administrative divisions in stores across the county, come as the former fur trading conglomerate attempts to rejuvenate a business which has faced growing competition from retailers like Wal-Mart.
The job cuts follow a $70-million initiative announced in January to streamline finances, IT and supply chains throughout the company's different retail brands, which include the Bay, Zellers, Home Outfitters and Fields stores.
HBC is one of the oldest North American retailers, founded in 1670. The company employs about 60,000 and operates roughly 600 stores. The Canadian company was transfered to American ownership in 2006 when Jerry Zucker purchased it, and after his death in 2008 HBC was sold to antoher American company, NRDC Equity Partners, which also operates the Lord & Taylor chains.