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Hudson's Bay Company today 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.
Today's 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."
About The Hudson's Bay Company and HBTC:
The 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, The 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.
The 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, The 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.
SOURCE: HBC
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