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

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

Benetton seeks approval for FDI in single-brand retail

Global fashion brand Benetton Group, has sought Indian government's...

Apparel/Garments | On 26th May 2017

Walmart to conduct GST workshops for SME suppliers

With the objective of supporting its small and medium-sized (SME)...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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