Jobs cut as HBC establishes Saks Global after Neiman Marcus acquisition
By The Canadian Press on July 25, 2024.
TORONTO – Jobs 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 spokesperson did not say how many people would be affected by the layoffs. 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. This report by The Canadian Press was first published July 25, 2024. 8-7
