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Canada's largest department store chain is slashing 1,000 jobs across Canada, or 5 per cent of its full-time workforce, citing the need to cut costs.: T) b/ S$ Q" u' V2 Z
5 v' Q1 V( H2 J9 wHudson's Bay Co. said today that the job losses, which affect mainly head office staff in accounting, information technology and logistics, would help it save $150 million a year.! f: ]' E/ E5 U) t, J1 {- w
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The job cuts, effective today, are the result of a strategic decision by Hudson's Bay's new U.S. owners to combine more of its Canadian and U.S. operations to save money.( _9 Z0 \3 C4 f; a" D
4 T1 c, T% Z4 _& A0 s/ sBut there could be more cost-cutting if business conditions worsen, the retailer warned. |
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