Hudson's Bay cuts 1,000 jobs

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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.

# k; [" Y! y+ h  T0 G; @7 ~! |" E  h! IHudson'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.

* z' D/ B' l  n& }8 v. |7 WThe 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.

' i* e: b. n# q7 u" A% ~$ RBut there could be more cost-cutting if business conditions worsen, the retailer warned.

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