Home / Knowledge / News / Hbc cuts 1000 jobs, saves $150 mn annually
Hbc cuts 1000 jobs, saves $150 mn annually
06
Feb '09
Jeff Sherman, CEO, Hudson
Jeff Sherman, CEO, Hudson's Bay Trading Company
Hudson's Bay Company announced the elimination of 1,000 positions in Canada as part of an overall restructuring plan to align all of its banners and businesses across North America. Combined with other management actions, this plan will result in annual savings of $150 million in 2009.

Announcement follows the Company's organizational restructuring initiative announced in January 2009 with the creation of a Shared Services Group designed to provide finance, IT, supply Chain & logistics and central operations from one functional team to all banners and businesses. The reductions in the employee base include both administrative positions in the Shared Services Group along with store positions. Where stores have been affected, the changes will not impact customer service levels.

“We believe this new structure will allow us to better compete during these challenging economic times and ensure our long term success,” said Jeff Sherman, CEO, Hudson's Bay Trading Company. “These changes allow us to be more responsive to customer needs and expectations while at the same time aggressively implement our business strategy in order to grow sales and earnings.”

Combined with a $70 million investment announced in January, these initiatives will contribute to the Hudson's Bay Company rapidly re-positioning the Bay and Zellers for Canadian consumers.

“Each of the banners has world-class executives managing the businesses who will benefit from more focused resources and the ability to drive growth,” said Sherman. “We will be better positioned to succeed in the long term.”

Hudson's Bay Company, the Canadian retail entity of Hudson's Bay Trading Company (HBTC), is Canada's largest diversified general merchandise retailer. Founded in 1670, Hudson's Bay Company operates the Bay, a major department store, Zellers, a mass merchandise format, Home Outfitters, a kitchen, bed and bath specialty store, and value-priced Fields stores. With more than 600 retail outlets and over 60,000 associates in Canada, the Hudson's Bay Company banners provide Canadians with stylish, quality merchandise at great value and with a dedicated focus on exceeding customer expectations.

Hudson's Bay Trading Company (HBTC) is a leading North American retailer with key banners spanning Canada and the United States. HBTC's Canadian retail entity, Hudson's Bay Company, operates the Bay, a major department store, Zellers, a mass merchandise format, Home Outfitters, a kitchen, bed and bath specialty store, and value-priced Fields stores. In the US, HBTC's banners include Lord & Taylor, an upscale specialty retailer with 48 stores in nine states and Creative Design Studios, the design and manufacturing division that creates branded collections for customers throughout North America and internationally.

Hudson's Bay Company


Must ReadView All

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

India’s silk board chief stresses need to boost production

Textiles | On 22nd Jan 2018

India’s silk board chief stresses need to boost production

Silk production in India needs to be increased as inadequate...

Kenya AGOA aims doubling 2016 exports value to US by 2025

Apparel/Garments | On 22nd Jan 2018

Kenya AGOA aims doubling 2016 exports value to US by 2025

The United States Agency for International Development (USAID) Hub in ...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search