Hudson’s Bay has announced a new string of layoffs for its employees in North America.
The department store retailer says that the layoffs will include 2,000 of its employees. It notes that this includes previous layoffs from the announcement earlier this year. The company says that the decision was made to streamline its business and help it better operate in the current retail environment.
Hudson’s Bay notes that the decision to lay off the employees came from its six-month operational review. It is expecting to incur $95 million in one-time charges over the next 12 months in connection to its streamlining plan.
According to Hudson’s Bay, the change is its business and layoffs for 2,00 employees will bring it $170 million in savings in fiscal 2017. The company says that when the plan is completed, it will result in $350 million in yearly savings by the end of fiscal 2018.
Hudson’s Bay says that it will be creating two separate management teams to better focus on its businesses. The first team will take care of Hudson’s Bay and its operations in Canada. The second management team will focus on Lord & Taylor and operations in the United States.
Hudson’s Bay has also announced the leaders of these two teams. The first is Alison Coville, who will be taking over as President of Hudson’s Bay. Liz Rodbell will be acting as the President of Lord & Taylor. Rodbell previously acted as the President of both Hudson’s Bay and Lord & Taylor before the decision to create two management teams was made.
