CEO of Saks and Lord & Taylor steps down [CNN]
Macy's Inc (M)
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Source: CNN
CEO of Saks and Lord & Taylor steps down These are trying times for retail. Hudson's Bay Company -- which owns the Saks Fifth Avenue and Lord & Taylor department stores -- is no exception. The Canadian-based company has reported net losses in the hundreds of millions of dollars. It announced earlier this year that it has reduced its workforce by about 2,000 jobs across its North American operations, and HBC's share price is down nearly 27% over the past year. On Friday, HBC announced its CEO is stepping down. The company said in a press release that Jerry Storch, who has led HBC ( HBAYF ) since January 2015, will return to his advisory firm, Storch Advisors. His resignation will be effective November 1. "I'm looking forward to returning to my advisory firm to work with a range of companies during this transformational time for the retail industry," Storch said, adding that he has "great confidence" HBC will "take the right actions to position HBC for leadership in the retail indust
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