Announcement follows dozens of job cuts disclosed last week and closing will mean further 60 job losses
Hudson’s Bay plans to close its store in downtown Regina next year after 55 years in the city, the latest in a series of cuts as the department store retailer copes with pressure on its business.disclosed last week, part of an effort at “right-sizing” the business, according to Hudson’s Bay. The shutdown of the Regina store, which is located in the Cornwall Centre shopping mall, will mean a further 60 job losses, spokesperson Tiffany Bourre wrote in a statement.
The closing will leave Canada’s oldest retailer with just one store in the province of Saskatchewan, in Saskatoon, as well as its online store. Retailers such as Hudson’s Bay that sell non-essential products have been struggling to attract shoppers, as months of inflation and higher interest rates have led many consumers to cut back on spending.last year, leading some to put product deliveries on hold. In November, the retailer’s parent company HBC LP completed US$340-million worth of real estate transactions in the U.S. and Canada. The company said at the time that the cash would help to fund its retail operations.
And those pressures continue to persist, with demand stagnating for some retailers. Statistics Canada recently reported that core retail sales – excluding gas stations, fuel sales and motor vehicle and parts dealers – were flat in February. While general merchandise stores and health and personal care retailers saw a modest increase in sales, other stores selling furniture, electronics, appliances, clothing, shoes, jewelry and luggage all experienced declines.
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