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Canada's largest department store chain is slashing 1,000 jobs across Canada, or 5 per cent of its full-time workforce, citing the need to cut costs.$ j1 G4 i5 n9 i0 I* \% R! J
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Hudson's Bay Co. said today that the job losses, which affect mainly head office staff in accounting, information technology and logistics, would help it save $150 million a year.& d% r" p/ V( B
. w9 b4 z1 p5 a3 w/ bThe job cuts, effective today, are the result of a strategic decision by Hudson's Bay's new U.S. owners to combine more of its Canadian and U.S. operations to save money.; t# |8 y V' O4 A# ^5 Y( }6 O
" P4 {8 Q' w; T) ^9 a vBut there could be more cost-cutting if business conditions worsen, the retailer warned. |
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