Saks Fifth Avenue owner Hudson's Bay Co on Monday named a president to lead...
“The department stores are fighting with their feet tied together and one hand tied behind their back as they struggle to deal with the problems of their current business model,” said Joshua Varghese, a portfolio manager at Signature Global Asset Management, a division of CI Investments, HBC’s twelfth-largest shareholder. “Creating and growing an entire new business while dealing with such large internal challenges will be difficult and costly.
And just last week, Macy’s announced it would close 125 of its least productive stores over the next three years and cut more than 2,000 corporate jobs as a part of its cost savings effort.
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