Hudson's Bay Trading Company announces creation of a Shared Services Group

    - Jeffrey Sherman is named President and CEO of HBTC -

    TORONTO, Jan. 20 /CNW/ - Hudson's Bay Trading Company (HBTC) announced
today Jeffrey Sherman will become President and CEO of HBTC and will oversee
all retail banners including Canadian based The Bay, Zellers, Home Outfitters,
and Fields as well as US based Lord & Taylor and Creative Design Studios.
    This new structure has enabled HBTC to create a Shared Services Group.
Don Watros, Chief Operating Officer of HBTC, will head up this new division.
The Shared Services Group was created to streamline and integrate central
functions including Finance, IT, Supply Chain, Logistics, and Operations.
Reporting directly to Mr. Sherman, Mr. Watros will be responsible for managing
all shared services functions that support the Canadian and US banners while
identifying critical operational processes and synergies that will be better
leveraged across all businesses.
    Mr. Sherman said, "This reorganization will enable us to reposition
Hudson's Bay Company and Lord & Taylor into a leading integrated North
American retail enterprise. Aligning all of the banners and businesses across
North America ensures that we are better positioned to address the current
retail environment, leverage our scale as a major North American retailer, and
set up HBTC for long term success."

    Reporting to Mr. Watros will be the teams from Finance, IT, Supply Chain &
Logistics and Central Operations, which will be supported by the following key

    Mike Culhane, Senior Vice President, Finance, HBC, Canadian banners

    Chris Sim, Senior Vice President, Finance, U.S. banners (also reporting
    to  Lord & Taylor CEO Brendan Hoffman)

    Dan Smith, Chief Information Officer, HBC, Canadian & U.S. banners

    Gary MacDonald, Senior Vice President, Supply Chain, Logistics,
    Central  Operations, Real Estate, Canadian banners

    Bill Tracy, Executive Vice President, Supply Chain & Logistics,
    U.S. banner

    Parker Vaughey, Vice President, Strategic Planning and Internet

    Bob Kolida will be appointed Executive Vice President, Human Resources,
HBTC, and will report directly to Mr. Sherman. Mr. Kolida will be responsible
for Human Resources across all banners in Canada and the U.S.
    Outgoing Senior Vice President & Chief Financial Officer Steve Richardson
will depart the company in mid-March to pursue other interests. Mr.
Richardson, who informed the company of his intention to leave late last year,
was an integral member of senior leadership team of HBC and offered invaluable
assistance in the transition to new ownership last year.
    Each banner President will continue to report to Mr. Sherman and will
maintain banner-specific marketing, merchandising, and store teams. Mark
Kinnin, Vice President, Olympics and Total Brand Management; Susan Davidson,
President, Creative Design Studios; and Kerry Mader, Senior Vice President,
Home Outfitters remain in their current positions and continue to report to
Mr. Sherman.
    Last week HBTC invested an additional $130 million into its retail
division. Lord & Taylor was allocated $60 million, and HBC was allocated $70
million. In addition, after pay down of L&T's existing debt and a re-locking
of the interest rate, L&T will save $70 million in interest payments going

For further information:

For further information: Lori Rhodes, (212) 252-8881; Alexis Redmond,
(416) 979-1120

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