The Hudson’s Bay has announce cost cutting moves amid the financial crisis, which includes cutting 1,000 jobs, about 5% of the company’s full time employee headcount. The company says it should save about US $120 million in 2009 moving forward. The Hudson’s Bay has more than 600 retail stores and owns chains including Zellers, Home Outfitters, and obviously, The Bay. The Bay has been hit hard as the store sells higher end pricey goods, while Zellers faces increased competition from Wal-Mart. The Hudson’s Bay was acquired by NRDC Equity Partners (US based) in July 2008.