TORONTO-Gerald Storch, former chairman and CEO of Toys “R” Us and former vice chairman of Target, will become CEO of Hudson’s Bay Co. on Jan. 6. Storch will succeed Richard Baker, who will continue as the retailer’s governor and will become executive chairman. Together, Baker and Storch will comprise the Office of the Chairman. When … More »
TORONTO-Hudson’s Bay has appointed Paul Beesley its new chief financial officer, a post he will assume in June. Beesley will be responsible for the retail company’s financial affairs at that time and report to Hudson’s Bay’s Office of the Chairman, which consists of Richard Baker, governor and CEO, and President Donald Watros. Watros had been … More »
TORONTO-Increased costs, especially those stemming from its acquisition of Saks, hurt Hudson’s Bay Co.’s bottom line for both the fourth quarter and fiscal year. Net income for the quarter finished at C$29.1 million ($27.2 million, according to the average exchange rate for the quarter), down 66.5 percent from last year’s fourth quarter. The retailer posted … More »
TORONTO-Hudson’s Bay Co. has created HBC Digital, a group responsible for digital commerce and marketing across the entire company. The retailer has named Michael Burgess, president of Saks Direct, as president of the new group. Burgess reports to the Hudson’s Bay Office of the Chairman. HBC Digital is responsible for the digital commerce and marketing … More »
TORONTO-Donald Watros, chief operating officer for Hudson’s Bay, has assumed the additional responsibilities of acting chief financial officer for the retail company. Effective today, Michael Culhane, Hudson’s Bay’s chief financial officer, is on a personal leave of absence from the company. A Hudson’s Bay statement provided no other details on these moves.
TORONTO-Expenses regarding the company’s pending acquisition of Saks put Hudson’s Bay’s bottom line in the red in its fiscal second quarter, to the tune of C$82.3 million (U.S.$79.6 million on the current exchange rate). Net sales totaled C$947.7 million (U.S.$916.3 million), an increase of 3.9 percent, in the quarter which ended on Aug. 3. The … More »