Canadian retailer Hudson's Bay Company (HBC) is planning to axe 2,000 jobs across North America, as part of a restructuring programme.
Including those previously announced in February, the job cuts are expected to make HBC more nimble and streamline its decision-making process.
As part of the transformation plan, two distinct leadership teams are being created for Hudson's Bay and Lord & Taylor store chains.
The company is also integrating digital functions throughout the organisation in order to develop and maximise the impact of all-channel solutions for marketing, operations and technology.
HBC governor and executive chairman Richard Baker said: "We are reallocating resources to accelerate the opportunity we see online, as we run our brick and mortar operations more efficiently.
“Our team is taking the right steps to optimise our North American business and create efficiencies by leveraging the scale of our company. At this critical moment of change in the retail industry, I believe in the future of our all-channel model and we are adapting to meet the evolving needs of our customers."
Aiming to optimise operations and increase efficiencies, the restructure is expected to generate more than $350m in annual savings when fully implemented by the end of fiscal 2018.
With more than 66,000 employees, HBC currently operates more than 480 stores such as premium department stores and off-price fashion shops.
Image: A Hudson's Bay store. Photo: courtesy of Raysonho @ Open Grid Scheduler / Grid Engine.