Hudson's Bay Company is cutting roughly 2,000 jobs as part of a reorganization, as the retailer reported lower quarterly sales. HBC also said it is creating distinct leadership teams for its Hudson's Bay and Lord & Taylor store chains. In conjunction with the news of its reorganization, HBC reported first-quarter retail sales were $3.2 billion, a decrease of $100 million, or three per cent, from the prior year. The company said it lost $221 million in the first quarter, compared with $97 million in the prior year's period. Its stores include Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt and Saks OFF 5TH.

Source: CBC News June 08, 2017 20:50 UTC