The owner of Saks Fifth Avenue announced it will cut about 2,000 positions in the United States and Canada, as part of a restructuring effort.
Hudson’s Bay Company, a department store operator based out of Canada, said the decision would save the company approximately $259 million every year. Hudson’s owns companies like Saks Fifth Avenue and Lord & Taylor.
“We know we can do better, and we are taking bold decisive action,” Chief Executive Jerry Storch said in a statement.
Find out what stores are closing down.
Hudson Bay isn't the only retail company making big changes. Earlier this week, Sears announced it would shut down 72 stores, on top of the 180 stores already announced as closing, including one in Middletown.