Hudson's Bay Company announces restructuring



    
    Elimination of 1,000 positions across Canada, 5% of overall full-time
    workforce
    

    TORONTO, Feb. 4 /CNW/ - Hudson's Bay Company today announced the
elimination of 1,000 positions in Canada as part of an overall restructuring
plan to align all of its banners and businesses across North America. Combined
with other management actions, this plan will result in annual savings of $150
million in 2009.
    Today's announcement follows the Company's organizational restructuring
initiative announced in January 2009 with the creation of a Shared Services
Group designed to provide finance, IT, supply Chain & logistics and central
operations from one functional team to all banners and businesses. The
reductions in the employee base include both administrative positions in the
Shared Services Group along with store positions. Where stores have been
affected, the changes will not impact customer service levels.
    "We believe this new structure will allow us to better compete during
these challenging economic times and ensure our long term success," said Jeff
Sherman, CEO, Hudson's Bay Trading Company. "These changes allow us to be more
responsive to customer needs and expectations while at the same time
aggressively implement our business strategy in order to grow sales and
earnings."
    Combined with a $70 million investment announced in January, these
initiatives will contribute to the Hudson's Bay Company rapidly re-positioning
The Bay and Zellers for Canadian consumers.
    "Each of the banners has world-class executives managing the businesses
who will benefit from more focused resources and the ability to drive growth,"
said Sherman. "We will be better positioned to succeed in the long term."

    About The Hudson's Bay Company and HBTC:

    The Hudson's Bay Company, the Canadian retail entity of Hudson's Bay
Trading Company (HBTC), is Canada's largest diversified general merchandise
retailer. Founded in 1670, The Hudson's Bay Company operates The Bay, a major
department store, Zellers, a mass merchandise format, Home Outfitters, a
kitchen, bed and bath specialty store, and value-priced Fields stores. With
more than 600 retail outlets and over 60,000 associates in Canada, The
Hudson's Bay Company banners provide Canadians with stylish, quality
merchandise at great value and with a dedicated focus on exceeding customer
expectations.

    The Hudson's Bay Trading Company (HBTC) is a leading North American
retailer with key banners spanning Canada and the United States. HBTC's
Canadian retail entity, The Hudson's Bay Company, operates The Bay, a major
department store, Zellers, a mass merchandise format, Home Outfitters, a
kitchen, bed and bath specialty store, and value-priced Fields stores. In the
US, HBTC's banners include Lord & Taylor, an upscale specialty retailer with
48 stores in nine states and Creative Design Studios, the design and
manufacturing division that creates branded collections for customers
throughout North America and internationally.





For further information:

For further information: Media Contacts: Alexis Redmond, (416) 979-1120
x 310; Robert Hogan, (416) 979-1120 x 320


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