TORONTO -- Hudson's Bay Co. says it will close its Home Outfitters business and estimates it will shutter 20 of its U.S. Saks Off Fifth locations.
The Toronto-based retailer says the moves are part of plans to reduce costs, simplify the business and improve overall profitability.
HBC says the shutdown of all 37 Home Outfitters locations will occur this year and most of the markets the brand is in will still be served by HBC.
HBC does not know which Saks Off Fifth locations will be closed yet but says the entire roster of 133 stores is part of a review.
The company says the review will allow them to focus on its "best locations" and on its e-commerce offerings.
HBC's chief executive officer Helena Foulkes says if possible, the company will work to find opportunities within HBC for those employees impacted by the closures.
