Saks Fifth Avenue, Gilt Groupe and Lord & Taylor staffers get pink slips

As many as 2,000 employees at Saks Fifth Avenue, Gilt Groupe and Lord & Taylor will receive pink slips as parent company Hudson’s Bay Co. (HBC) restructures.

Layoffs started Thursday with 600 staffers, including some senior employees, receiving termination notices across HBC, according to The New York Post. The restructuring should save HBC more than $350 million.

The layoffs come as HBC struggles to connect its New York City-based luxury brands with thrifty consumers who are increasingly shopping…