Hudson's Bay Co., the owner of the Hudson's Bay, Lord & Taylor and Saks Fifth Avenue brands, said it would eliminate roughly 2,000 jobs, the latest department store retailer to make cuts as traditional retail models come under pressure from new formats and evolving consumer preferences.
"We are reallocating resources to accelerate the opportunity we see online," said Richard Baker, executive chairman, in the company announcement.
The announcement coincided with the company's release of fiscal first quarter results. Overall sales declined 3% as comparable sales slid 5.4%. Digital sales were up 5.6% for the quarter, the company said.