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Hudson's Bay chief resigns unexpectedly

October 31, 2017

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Gerald Storch, CEO of Hudson's Bay Co., has resigned unexpectedly and the retailer is not offering up a reason for his leaving, according to a Reuters report.

Storch will leave his post as of Nov. 1 and is reportedly returning to run his advisory firm, Storch Advisors. The retailer is downplaying the executive move.

"I still firmly believe in the future of the department stores," Interim CEO Richard Baker said in a memo, according to Reuters.