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“The board and I are grateful for Jerry’s contributions over the past three years, including enhancing our all-channel strategies, recruiting key talent, leading our cost-cutting efforts, and working to address the challenges for our banners in the fast-evolving retail environment,” Baker said in a release. “We thank Jerry and wish him the best.”
Storch is a former CEO of Toys “R” Us who joined Hudson’s Bay in January 2015.
In announcing his departure, Storch said he had confidence in HBC’s ability to position the company in the evolving retail landscape.
In its most recent quarter, the company said its sales grew by 1.2 per cent to $ 3.3 billion, but its loss for the quarter came in at $ 201 million, up from $ 142 million in the same period of last year. The company attributed the larger net loss primarily to lower gross margins, along with higher expenses for sales and administration, depreciation and amortization.
The firm has also been under pressure recently from a minority shareholder, activist hedge fund Land and Buildings, which has called on HBC to monetize some of the value in its real estate. Land and Buildings threatened in September that it would move to oust HBC directors if the company didn’t take moves to boost its performance.