A man exits a Hudson's Bay department store in Toronto, Ontario, Canada June 6, 2016. REUTERS/Chris Helgren/File Photo
A man exits a Hudson’s Bay department store in Toronto, Ontario, Canada June 6, 2016. REUTERS/Chris Helgren/File Photo (Copyright Reuters 2017)

Hudson’s Bay Company, the owner of high-end department store Saks Fifth Avenue, announced Thursday it would slash about 2,000 jobs across North America in an effort to streamline processes as the company’s retail arm struggles to keep up with changing consumer demands.

The Canadian-based business laid out a transformation plan to cut costs by eliminating excess staff and flattening…