HBC cuts jobs, establishes Saks Global after Neiman acquisition

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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Jobs cut as HBC establishes Saks Global after Neiman Marcus acquisitionTORONTO — Jobs are being cut as Hudson's Bay Co. spins out some of its brands into a new entity called Saks Global.
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Saks parent HBC, Neiman Marcus reach $2.65B acquisition dealHBC, the parent company of luxury retailer Saks Fifth Avenue, has reached an agreement to acquire its high-end competitor Neiman Marcus Group in a deal...
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HBC should apply learnings from new Saks Global company to the Bay: expertsTORONTO — Retail consultants say Hudson's Bay Co. should apply lessons it learns from a newly-announced deal uniting several department store giants to its...
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HBC should apply learnings from new Saks Global company to the Bay: expertsTORONTO — Retail consultants say Hudson's Bay Co. should apply lessons it learns from a newly-announced deal uniting several department store giants to its Bay business. The deal announced Thursday will see Hudson's Bay Co.
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HBC should apply learnings from new Saks Global company to the Bay: expertsWhen Liza Amlani visited Hudson's Bay Co.'s flagship Toronto store last week, she was quickly taken aback by the scene.
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