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Hudson's Bay to cut jobs

Canadian department store chain Hudson's Bay Co. said June 8 that it will cut 2,000 jobs as it looks to save costs and improve margins.

The owner of Saks Fifth Avenue said it expects to incur C$95 million in severance charges over the next 12 months due to the downsizing, which makes up about 3% of its more than 66,000 employees globally.

The job cuts are part of the initiatives outlined in the company's operational review, which is aimed at reducing expenses, among other things.

Hudson's Bay said it expects to save C$350 million from the changes by the end of fiscal 2018.