Retailer Hudson's Bay Company is axing 1,000 jobs in Canada as part of plans to restructure its overall business in North America.

The job cuts, which affect administration and retail operations, will result in annual savings of C$150m (US$122m), once combined with other restructuring measures.

The announcement follows the launch of Hudson Bay's restructuring initiative in January this year.

This will create a Shared Services Group to provide IT, finance, supply chain and logistics, plus central operations, from one team to all the company's businesses.

"We believe this new structure will allow us to better compete during these challenging economic times and ensure our long-term success," said Jeff Sherman, CEO of Hudson's Bay Trading Company, of which Hudson's Bay Company is the Canadian division.

"These changes allow us to be more responsive to customer needs and expectations, while at the same time aggressively implementing our business strategy in order to grow sales and earnings."