Hudson’s Bay is reducing its workforce in Canada, citing pressures in the retail industry. The company, which operates 82 department stores across the country, also cut hundreds of corporate jobs last year to streamline its operations. It says the organization is “right-sizing” to ensure the long-term success of its business, citing pressures in the Canadian retail sector.

According to the company, the latest round of cuts, announced on April 30th, represents less than 1% of the Bay’s workforce in Canada, or less than 100 jobs. In one particular instance, Hudson’s Bay is set to close its store in Regina, Canada, after 55 years in the city. The closure will result in 60 job losses and will leave Canada’s oldest retailer with only one physical store in Saskatchewan, Saskatoon.

The Regina store will be the sixth location Hudson’s Bay has slated for closing since executive chairman Richard Baker took the company private in 2020. The retailer has previously closed flagship locations in Edmonton, Winnipeg, and downtown Toronto.

Retailers like Hudson’s Bay that sell non-essential products have been struggling to attract shoppers due to inflation and higher interest rates.

The company also fell behind in paying its bills to suppliers last year, leading some to put product deliveries on hold. In November, Hudson’s Bay completed US$340 million worth of real estate transactions in the United States and Canada, which the company said would help fund its retail operations.

Former Hudson’s Bay executive Liz Rodbell returned as president and CEO in December, focusing on leading the continued transformation of Hudson’s Bay.

Source: City News
Source: Globe and Mail
Source: Globe and Mail