HBC TO CLOSE UP TO 20 SAKS OFF 5TH STORES IN THE U.S.

Canadian retailer Hudson’s Bay Company (HBC) has announced the closure of its Home Outfitters business in Canada and is performing a fleet review of Saks Off 5th’s 133 stores, with an estimate of closing up to 20 locations in the U.S. These actions are part of the company’s strategic plan to reduce costs, simplify the business, and improve overall profitability.

Home Outfitters is expected to close in 2019. The vast majority of markets in which it operates are served by Hudson’s Bay, which includes best-in-class home furnishings departments and accepts Home Outfitters gift cards. The review and rationalization of the Saks Off 5th fleet allows the company to focus on its best locations and saksoff5th.com.

“Further streamlining our retail portfolio enables even greater focus on our businesses with the strongest growth opportunities,” said Helena Foulkes, chief executive officer at HBC. “The divestiture of Gilt, rightsizing of Lord & Taylor, the recent merger of our European retail operations in Germany, and today’s announcement exemplify the bold strategic actions we are taking to set HBC up for long-term success. We know this news is difficult for our associates. We are grateful for their ongoing efforts to serve our customers and we will work to find opportunities within HBC for impacted team members where possible.”