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.
