CEO of Saks Fifth Avenue parent to step down

The parent of Lord & Taylor and Saks Fifth Avenue says its CEO Jerry Storch is stepping down and will return to his advisory firm on Nov. 1.

Storch has been the CEO of Toronto-based Hudson's Bay, which also operates the department store chain under its namesake, since January 2015.

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Hudson's Bay says it has retained an executive search firm to recruit a new CEO. Richard Baker, the company's executive chairman, will serve as interim CEO.

Like many department stores, Hudson's Bay has been trying to reinvent itself amid a changing retail landscape.

The news comes after reportedly unsuccessful efforts this year to merge Hudson's Bay with department store operators Macy's Inc. and Neiman Marcus.