Hudson's Bay cuts 1,000 jobs

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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.

6 V+ y0 c  o2 r5 Q( gHudson'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.

0 [3 Z$ ]9 u* m# Q* h( g! \2 n- oThe 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.

" s5 D% W) r0 p3 j- t5 Y" ]But there could be more cost-cutting if business conditions worsen, the retailer warned.

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