The chief executive of the Hudson’s Bay Company, the owner of Saks Fifth Avenue and Lord & Taylor, is departing ahead of the crucial holiday shopping season, as the retail industry faces increasing turmoil.
Gerald L. Storch, who has run Hudson’s Bay since January 2015, will step down from his post on Nov. 1, the company announced late Friday. The retailer’s executive chairman, Richard Baker, will assume the duties of chief executive, a position he has held in the past at Hudson’s Bay.
The company’s shares, which are traded on the Toronto Stock Exchange, closed on Friday afternoon at 11.96 Canadian dollars, or $9.47, up 0.9 percent.
Based in Toronto, Hudson’s Bay has faced increasing pressure from shareholders to find alternative ways to increase profits, such as selling some its most valuable real estate assets, including its flagship Saks store in New York.
Like other large department store chains, Hudson’s Bay has been struggling to bolster sales as shoppers spend more money online and less time in traditional stores.