(THE CANADIAN PRESS/Nathan Denette)

HBC shuttering Home Outfitters across Canada

North America’s oldest retailer is revamping its various stores to improve profitability

Home Outfitters will be closing in 2019, a total of 37 stores across Canada, as HBC makes changes to reduce costs, simplify its businesses and improve profits.

“Further streamlining our retail portfolio enables even greater focus on our businesses with the strongest growth opportunities. The divestiture of Gilt, rightsizing of Lord & Taylor, the recent merger of our European retail operations in Germany, and today’s announcement exemplify the bold strategic actions we are taking to set HBC up for long-term success,” said Helena Foulkes, HBC’s chief executive officer. “We know this news is difficult for our associates. We are grateful for their ongoing efforts to serve our customers and we will work to find opportunities within HBC for impacted team members where possible.”

HBC also announced on Thursday that it will be reviewing and rationalizing its SAKS OFF 5th operations, keeping its best locations and focusing more on its SAKS OFF 5th website. The company anticipates closing up to 20 of those stores in the U.S.

The announcement includes details for Home Outfitters customers. The vast majority of markets in which Home Outfitters operates are served by Hudson’s Bay which accepts Home Outfitters gift cards. B.C. Home Outfitters are located in Kelowna, Langley, Coquitlam, Victoria, and North Nanaimo.

Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes 350 stores and more than 45,000 employees around the world. HBC North American businesses include Saks Fifth Avenue, Hudson’s Bay, Lord & Taylor, and Saks OFF 5TH.

HBC also has significant investments in joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture. HBC has partnered with SIGNA Retail Holdings for real estate and retail joint ventures in Europe.

HBC announced its third quarter results in December, posting a net loss of $124 million, compared to $116 million the previous year. It has also recently sold some lucrative property in New York, using the funds to pay down its debt of $3.98 billion (as of Nov. 3, 2018).

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID-19: Daily update on the pandemic in Surrey, White Rock and beyond

April 7: Brewery starts making hand sanitizer, City of White Rock and Surrey lays off employees

Surrey bus driver tests positive for COVID-19

Routes he drove have not been disclosed

Surrey mayor denies property tax deferral motion

Councillor’s notice of motion for Surrey property taxes to be deferred until Dec. 2 out of order

Team refunds OK’d for cancelled Surrey Mayor’s Cup soccer tournament

The decision follows the amalgamation of the Central City Breakers club with Surrey Football Club

COVID-19: 4 new deaths, 25 new cases but only in Vancouver Coastal, Fraser Health

A total of 1,291 people have tested positive for the novel coronavirus

COVID-19: Don’t get away for Easter weekend, Dr. Bonnie Henry warns

John Horgan, Adrian Dix call 130 faith leaders as holidays approach

COVID-19: Trudeau says 30K ventilators on the way; 3.6M Canadians claim benefits

Canada has seen more than 17,000 cases and at least 345 deaths due to COVID-19

RCMP call on kids to name latest foal recruits

The baby horses names are to start with the letter ‘S’

As Canadians return home amid pandemic, border crossings dip to just 5% of usual traffic

Non-commercial land crossing dipped by 95%, air travel dropped by 96 per cent, according to the CBSA

Logan Boulet Effect: Green Shirt Day calls on Canadians to become organ donors

While social distancing, the day also honours the 16 lives lost in the 2018 Humboldt Broncos Crash

COMMENTARY: Knowing where COVID-19 cases are does not protect you

Dr. Bonnie Henry explains why B.C. withholds community names

B.C. wide burning restrictions come into effect April 16

‘Larger open burns pose an unnecessary risk and could detract from wildfire detection’

B.C. secures motel, hotel rooms for COVID-19 shelter space

Community centres, rooms reserved for pandemic self-isolation

Most Read

l -->