November 6, 1990

Layoffs at Towers

Financial Post

Hudson's Bay Co. wasted no time in consolidating its newly acquired Towers Department Stores Inc. yesterday.

Its subsidiary, Zellers Inc., announced that 375 employees at the Towers/Bonimart office in Toronto and 55 workers at the Montreal office will be laid off Feb. 9, 1991.

The layoff announcement comes just one day after Hudson's Bay completed the purchase of all outstanding shares of Towers from Oshawa Group Ltd.

Terms were not disclosed.

Towers, with 5,800 employees, operates 51 department stores in Ontario, Quebec and the Atlantic provinces.

Hudson's Bay plans to merge the Towers chain with its Zellers unit.

Return to Towers Department Stores