HBC has announced that all Home Outfitters stores in Canada and some Saks OFF 5th stores in the US will be closing.
In a release, HBC said that “these actions are part of the company’s strategic plan to reduce costs, simplify the business and improve overall profitability.”
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All 37 Home Outfitters stores in Canada will close in 2019.
HBC says that it is “performing a fleet review” of Saks OFF 5th’s 133 stores in Canada and the US. The company estimates that 20 US locations are expected to close.
“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,” said Helena Foulkes, HBC’s Chief Executive Officer, in a release.
“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.”