THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Future of Retail Marketing 2020
Omnichannel Transformations 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
Omnichannel Futures Conference 2021
The Omnichannel Journey
Optimizing Workforce Management
ABOUT
CONTACT
SUBSCRIBE FOR FREE
HBC to close Home Outfitters business and up to 20 Saks Off 5th stores

HBC is to conduct a review of its of Saks Off 5th’s portfolio of stores as it looks to close up to 20 locations in the… View Article

DEPARTMENT STORES

HBC to close Home Outfitters business and up to 20 Saks Off 5th stores

HBC is to conduct a review of its of Saks Off 5th’s portfolio of stores as it looks to close up to 20 locations in the US. It is also closing its Home Outfitters business in Canada.

The company said it had taken the decision to reduce costs, simplify its business and improve overall profitability.

Helena Foulkes, HBC’s chief executive, said: “Further streamlining our retail portfolio enables even greater focus on our businesses with the strongest growth opportunities. The divestiture of Gilt, rightsizing of Lord & Taylor, the recent merger of our European retail operations in Germany, and today’s announcement exemplify the bold strategic actions we are taking to set HBC up for long-term success.”

Foulkes said the company will be working to find job opportunities within HBC for staff members affected by the closures. 

The Home Outfitters business is expected to close this year. The company said the review and rationalisation of the Saks Off 5th portfolio will enable it to focus on its best locations and online business Saksoff5th.com. 

HBC has 350 stores and more than 45,000 employees around the world. Its portfolio of retail businesses includes department stores such as Saks Fifth Avenue, Hudson’s Bay, Lord & Taylor, and Saks Off 5th.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News