Canadian retail business group Hudson's Bay Company (HBC) recently announced it will close its home outfitters business in Canada and is performing a fleet review of its 133 Saks Off 5th stores, with plans to shut up to 20 such stores in the United States. These are part of its strategic plan to reduce costs, streamline business and improve overall profitability.

“Further streamlining our retail portfolio enables even greater focus on our businesses with the strongest growth opportunities. The divestiture of Gilt, rightsizing of Lord & Taylor, the recent merger of our European retail operations in Germany, and today’s announcement exemplify the bold strategic actions we are taking to set HBC up for long-term success,” said Helena Foulkes, HBC’s chief executive officer, in a press release.

Home Outfitters is expected to close in 2019. The vast majority of markets in which it operates are served by Hudson’s Bay, which includes best-in-class home furnishings departments and accepts Home Outfitters gift cards. The review and rationalization of the Saks OFF 5TH fleet allows the company to focus on its best locations and saksoff5th.com, the press release said. (DS)

Fibre2Fashion News Desk – India

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