Saks Fifth Avenue owner to cut 2,000 jobs in North America

Saks Fifth Avenue at the Gardens Mall in Palm Beach Gardens. (Palm Beach Post file photo)

Saks Fifth Avenue at the Gardens Mall in Palm Beach Gardens. (Palm Beach Post file photo)
Business
By Kara Driscoll
June 9, 2017
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The owner of Saks Fifth Avenue announced it will cut about 2,000 positions in the United States and Canada, as part of a restructuring effort.

Hudson’s Bay Company, a department store operator based out of Canada, said the decision would save the company approximately $259 million every year. Hudson’s owns companies like Saks Fifth Avenue and Lord & Taylor.

» RELATED: Is Macy’s sale imminent? Canadian company reportedly approaches company

“We know we can do better, and we are taking bold decisive action,” Chief Executive Jerry Storch said in a statement.

Credit: DaytonDailyNews

Hudson Bay isn't the only retail company making big changes. Earlier this week, Sears announced it would shut down 72 stores, on top of the 180 stores already announced as closing, including one in Middletown.

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About the Author

Kara Driscoll