TORONTO (Reuters) - Retailer Hudson’s Bay Co has let 10 senior executives go as it consolidates roles at its two department-store chains - the Bay in Canada and Lord & Taylor in the United States.
An HBC spokeswoman confirmed the cuts on Friday, but did not provide details. They were first reported by Women’s Wear Daily, which said executives were let go in both Canada and the United States.
The changes came in the week after HBC said it had completed its acquisition of Lord & Taylor LLC, and had put The Bay’s chief executive, Bonnie Brooks, in charge of the upscale U.S. retailer as well as The Bay.
The two chains had been operating as side-by-side affiliates since Richard Baker’s U.S.-based private equity group, NRDC Equity Partners, bought HBC in 2008. It already owned Lord & Taylor.
HBC Chief Executive Baker has floated the idea of taking the combined company public. But last fall the Globe and Mail newspaper cited sources saying the plan would be delayed to 2012 because of poor market conditions.
HBC said the reorganization has no bearing on Zellers, HBC’s discount banner in Canada, which is transferring many of its leases to U.S. discount retailer Target Corp.
Founded in 1670, HBC is North America’s longest continually operating company.
Reporting By Allison Martell; editing by Rob Wilson and Peter Galloway