Hudson's Bay Company disclosed Thursday that it will be cutting around 2,000 positions within North America as part of a major restructuring effort.
The department store operator said this move would help the company save more than C$350 million annually ($259 million). This includes the C$75 million in savings that the company previously announced in February.
Shares of the Canadian company were down about 1 percent after hours on Thursday.
"We know we can do better, and we are taking bold decisive action," Chief Executive Jerry Storch said in a statement.
HBC owns several major department stores, including Hudson's Bay, Saks Fifth
Department stores across North America have felt the brunt of changing consumer habits — in particular, a shift toward online shopping.
"We are reallocating resources to accelerate the opportunity we see online, as we run our brick and mortar operations more efficiently," Richard Baker,
($1 = 1.3501 Canadian dollars)
— Reuters contributed to this report.