The move comes as the department store continues to battle the ongoing impacts of the Coronavirus pandemic.
It has been reported that as many as 600 workers or around 5 per cent of the company’s total workforce will be affected by the job cuts. Along with the majority of the retail real estate sector, Hudson’s Bay has been significantly impacted by the Coronavirus pandemic, and around half of its department stores remain temporarily closed.
Moving forward, Hudson’s Bay intends to create Saks.com into a public company and the brand is currently in discussion with investors to do a private placement, with the hopes of leading to an IPO in around 12 months’ time.
As of yet, the company has managed to stay clear of bankruptcy amid the Coronavirus disruptions.
