Hudson's Bay Company (HBC), the department store group that includes Hudson's Bay, Saks Fifth Avenue, Lord & Taylor, Gilt Groupe and other retail properties in North America and Europe, announced that chief executive officer Jerry Storch will exit the company, effective November 1. Executive chairman Richard Baker will assume the role while the company searches for a new chief executive. After less than three years on the job, Jerry Storch will return his advisory firm, Storch Advisors. Prior to joining HBC in January 2014, Storch had been chairman and ceo of Storch Advisors, and before that, he was chairman and ceo of Toys 'R' Us from 2006 to 2013.

Storch's departure marks one of several recent changes to the executive team at HBC in recent months. HBC International president Don Watros left in September. Edward Record, formerly of J.C. Penney, was named chief financial officer in August. The changes also come during a challenging time : HBC has been suffering losses this year, reporting a net loss of 201 million Canadian dollars, or $162.3 million, for the second quarter on a total sales gain of 1.2 percent, while comparable sales inched up 0.4 percent. Last June, the company announced 2,000 job cuts to save 350 million Canadian dollars annually.