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Canada's largest department store chain is slashing 1,000 jobs across Canada, or 5 per cent of its full-time workforce, citing the need to cut costs.# B. I$ z3 `; S
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Hudson's Bay Co. said today that the job losses, which affect mainly head office staff in accounting, information technology and logistics, would help it save $150 million a year.6 K3 l3 ?8 X! ]% @9 s$ X
# ]. [6 L% ]$ s) kThe job cuts, effective today, are the result of a strategic decision by Hudson's Bay's new U.S. owners to combine more of its Canadian and U.S. operations to save money./ y3 u. t. U/ N& X
3 ^" w- F! J# b9 qBut there could be more cost-cutting if business conditions worsen, the retailer warned. |
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