World's oldest company too cuts jobs

TORONTO: Hudson's Bay Company, which is probably the world's oldest corporation, on Wednesday, announced it was cutting 1,000 jobs in Canada as  part of its plans to streamline business in tough economic times. 



The company said the retrenchment will save it $150 million in 2009. 



Incorporated in May 1670 by British royal charter, the company runs the famous mass merchandise chain of Zellers stores and The Bay department stores. The job cuts follow the company's $70-million restructuring plan announced last month. 



``We believe this new structure will allow us to better compete during these challenging economic times and ensure our long term success," said company CEO Jeff Sherman. 



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



Combined with a $70 million investment announced in January, he said, the ``new initiative'' will contribute to re-position The Bay and Zellers for consumers. 



``Each of the banners has world-class executives managing the businesses who will benefit from more focused resources and the ability to drive growth,'' the CEO said. 



``We will be better positioned to succeed in the long term. 



''The Hudson's Bay Company is Canada's largest general merchandise retailer.