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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.& ~1 T9 A# i# c$ D6 y, p/ [
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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 D7 n: m( s2 [- z
1 K* u! a i' Y8 g# k, H- C7 RThe 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.6 g) |: @5 Y0 m+ \/ M" z( ^# X/ `
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But there could be more cost-cutting if business conditions worsen, the retailer warned. |
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