North America's oldest company will be cutting 2,000 jobs

Canadian retail chain Hudson's Bay Company, North America's oldest company, says it is eliminating 2,000 positions to offset retail sector challenges including the popularity of online shopping.

Hudson's Bay Co. said Thursday that the layoffs are intended to save US$258 million (CA$350 million) annually once the plan is fully implemented by end of fiscal 2018.

The announcement came as the company released its first-quarter earnings, which showed a net loss of US$163 million (CA$221 million), more than double the US$71 million (CA$97 million) loss it had in the same period last year.

Founded in 1670, HBC is the oldest company in North America.

It has more than 480 stores and employs more than 66,000 people.