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Higher costs related to its CAD2.9bn (US$2.63bn) acquisition of luxury retailer Saks resulted in a 67% decline in fourth-quarter profit for Canadian department store operator Hudson's Bay Company.
Wayne Meichner, president and COO of Ralph Lauren Retail Group, is to leave the business after 12 years.
Canadian department store retailer Hudson's Bay Company has created a new digital division, which will be led by Michael Burgess.
Department store retailer Hudson's Bay Company is to open its first two Saks stores in Canada, as part of a sale and leaseback deal with Cadillac Fairview.
Hudson's Bay Company CFO Michael Culhane has taken a leave of absence, with COO Donald Watros assuming the additional role of acting CFO with immediate effect.
A $2.9bn deal that brings together the Hudson's Bay, Lord & Taylor and Saks Fifth Avenue brands into a combined company with 320 stores in the US and Canada was finally confirmed last week after months of speculation.
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