The Hudson Bay Company is the latest to announce cuts due to poor economic conditions.
On Wednesday one of Canada's oldest retailers announced the elimination of 1,000 positions in Canada. The company did not indicate how many of those positions were currently held, or were vacant.
Company spokespersons called it part of the companies overall restructuring plan to align all of its banners and businesses across North America.
The cuts will save the company about $150 million in 2009.
The reductions of employees include both administrative positions in the Shared Services Group along with store positions.
The company says the changes will not impact customer service at the store level.
"We believe this new structure will allow us to better compete during
challenging economic times and ensure our long term success," said Hudson's Bay Trading Company, CEO, Jeff Sherman.
The company says combined with a $70 million investment announced in January, these initiatives will contribute to the Hudson's Bay Company rapidly re-positioning The Bay and Zellers for Canadian consumers.
About The Hudson's Bay Company and HBTC:
The Hudson's Bay Company, the Canadian retail entity of Hudson's Bay
Trading Company (HBTC) is Canada's largest diversified general merchandise retailer.
Founded in 1670, The Hudson's Bay Company operates The Bay, Zellers, Home Outfitters, and Fields stores.
The Hudson's bay Trading Company has more than 600 retail outlets and over 60,000 associates in Canada.
