Hudson's Bay Joins List of Retailers Cutting Jobs

Retailer looks to speed online opportunities

June 9, 2017

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.

According to the most recent data from outplacement firm Challenger Gray, US-based retailers 55,910 job cuts as of the end of May, more than any other sector of the economy.