Hudson’s Bay Cuts 825 Jobs

Toronto, Hudson's Bay Co. (Hbc) eliminated about 825 management and administrative positions from across the company. “We have simplified our operations and we are harvesting the benefits of completing the integration of all remaining Hbc functions,” said George Heller, president and CEO. The company expects the move, and other non-personnel initiatives, to save $40 million to $45 million annually. Last week, it was revealed that Hudson’s Bay received an unsolicited offer from Maple Leaf Heritage Investments to purchase the outstanding shares in Hbc. Maple Leaf, led by U.S. financier Jerry Zucker, already Hudson's Bay's largest shareholder with a take of 18.8%.