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HBC cuts jobs, establishes Saks Global after Neiman acquisition

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Jobs are being cut as Hudson's Bay Co. spins out some of its brands into a new entity called Saks Global.

The Hudson's Bay Company sign in downtown Toronto, Wednesday July 16, 2008. Catalyst Capital Group Inc. has extended a deadline for the board of Hudson's Bay Co. to formally accept its offer letter until 5 p.m. ET today. THE CANADIAN PRESS/Adrian WyldJobs are being cut as Hudson's Bay Co. spins out some of its brands into a new entity called Saks Global.

A Saks Global spokesperson says operational functions from across the businesses are being brought under one leadership team.The creation of Saks Global was part of HBC's US$2.65-billion acquisition of American department store chain Neiman Marcus, announced earlier in July. Under the deal, Toronto-based HBC will group Neiman Marcus Group's banners in a new business alongside Saks Fifth Avenue and Saks Off 5th, which it has owned since 2013.

HBC has conducted several rounds of layoffs over the past few years as it navigated headwinds in the retail industry.

 

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