Hudson’s Bay Company (TSX:HBC) is laying off 265 workers as part of a new restructuring plan aimed at saving $75 million annually.
The layoffs, which were announced Thursday (September 29), aren’t expected to impact Vancouver significantly.
Instead, most of the workers being let go hold corporate positions in Toronto and New York City.
HBC bought Saks Inc. in 2013 for US$2.9 billion and the cuts are part of the company’s strategy to combine corporate functions, such as its human resources, information technology and digital departments.
The restructuring is expected to cost the company $20 million.
Since the acquisition of Saks, HBC said it’s hired 2,000 new workers to help with store growth.
HBC plans to open seven new Saks locations in North America next year.
This June, HBC acquired German department store chain Galeria Kaufhof for $3.3 billion.
