Hudson’s Bay Co. (HBC) announced on Thursday (February 21) it is closing down its Home Outfitters business in Canada.
The housewares chain operates 37 stores in Canada, including one in Peterborough.
In a statement, the company says the decision is part of a “strategic plan to reduce costs, simplify the business and improve overall profitability.”
The company expects to complete the closure in 2019. The company is also performing a “fleet review” of Saks OFF 5TH’s 133 stores, with an estimate of closing up to 20 locations in the U.S.
“Further streamlining our retail portfolio enables even greater focus on our businesses with the strongest growth opportunities,” says Helena Foulkes, HBC’s Chief Executive Officer. “We know this news is difficult for our associates. We are grateful for their ongoing efforts to serve our customers and we will work to find opportunities within HBC for impacted team members where possible.”
The company did not indicate the number of employees who would be affected by the closures.
The Peterborough location at 821 Rye Street, across from Best Buy, is the only Home Outfitters store in the Kawarthas.
The announcement comes four days after U.S. discount shoe retailer Payless ShoeSource announced it would close its 2,354 stores in North America, including its only store in the Kawarthas, located at Lansdowne Place Mall in Peterborough.