Tech & Biz

Hudson's Bay Company Cuts 1,000 Canadian Jobs

by Terri Potratz | February 4, 2009 at 05:37 pm

1186 views | 19 Recommendations | 6 comments

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.

0 See all footage | View Slideshow

Share: email story | add to any | | facebook | stumbleupon

recommend This comment thread is now closed

Uwe Paschen

at 17:54 on February 4th, 2009

I think if I remember it right to be Canada's oldest company, funded when the French still controlled a large part of North America, trading skins and much more.

brandon.

at 19:20 on February 4th, 2009

brandon. has contributed a photo to this story.

Iffy (not verified)

at 23:10 on February 4th, 2009

Apart from Holt Renfrew in Toronto, Canada's department stores suck and are shabby and lacking in any energy and fashion. In fact, the retail scene in Canada is dire and reflective of the country's mediocrity.

eastvanray

at 15:48 on February 14th, 2009

If by your derrisive comments you mean that Canada is not Wal-Mart Nation then you are correct. We are more likely to shop in independant stores rather than mass marketed chain retailers.

Mitch Thompson

at 17:03 on February 9th, 2009

Traffic and pedestrians pass by the illuminated Hudson's Bay Company building.

Mitch Thompson has contributed a photo to this story.

trulygreenfish

at 14:34 on February 14th, 2009

HBC photo taken: Jan. 23, 2009 - West wall of Queen St. / Bay St. store downtown Toronto.........about 9 pm at night. Window dressings at that time feature headless maniquins..ironic...that the cuts were about to occur perhaps?