Hudson’s Bay Company Appoints Stephen Cerrone to Executive Vice President, Human Resources

TORONTO - Hudson’s Bay Company (TSX: HBC) (“HBC” or the “Company”) is pleased to announce the appointment of Stephen Cerrone to Executive Vice President, Human Resources, HBC. Mr. Cerrone has recently served as Interim EVP, Human Resources, where he has led the organizational work related to the integration of Saks, and has been instrumental in developing the human resources strategies across the businesses. He will report directly to the Office of the Chairman.

Mr. Cerrone brings more than 30 years of experience to the Company, with a strong track record of driving growth and business results through data-driven HR strategies. In his most recent role as EVP of HR and Communications for Sara Lee Corporation, Mr. Cerrone led the HR strategy for more than 44,000 employees in 40 countries. Before joining Sara Lee, Mr. Cerrone served as EVP, Human Resources, Retail Financial Services at JPMorgan/Bank One Corporation, and has held prior executive positions at Bank One, Diageo/Burger King and General Foods Worldwide.

“We are in the midst of a significant historic milestone for the Hudson’s Bay Company, as we integrate Saks Fifth Avenue into the Company,” said Richard Baker, Governor and CEO, HBC. “Not only have we brought together three iconic retail banners under the HBC umbrella, but we are building what I believe to be the best retail team in the world. We’re excited to have Stephen at the helm of HR as we work to that goal,” he added.

Mr. Cerrone has a B.A. in Psychology from Providence College and both an M.A. and Ph.D. in Industrial/Organizational Psychology from the University of Houston. He also currently serves as a member of the Board of Trustees for Roosevelt University. He is the 2006 recipient of the Academy of Management Distinguished Executive Award, and has served as an adjunct faculty member at the University of Houston and at the University of Miami, Florida.

About Hudson’s Bay Company

Hudson’s Bay Company (HBC), founded in 1670, is North America’s longest continually operated company. HBC offers customers an unparalleled range of retailing categories and shopping experiences internationally. In Canada, HBC operates Hudson’s Bay, Canada’s largest department store with 90 full-line locations and one outlet store as well as thebay.com, unsurpassed in its fashion, beauty, home and accessory designers and brands. HBC also operates Home Outfitters, Canada’s largest home specialty superstore with 69 locations across the country.

In the United States, HBC operates Saks Fifth Avenue, one of the world’s pre-eminent specialty retailers, renowned for its superlative designer collections and first-rate fashion expertise. Saks Fifth Avenue comprises 41 full-line stores in 22 states, five international licensed stores, saks.com, 72 Saks Fifth Avenue OFF 5TH stores and saksoff5th.com. HBC also operates Lord & Taylor, a leading department store chain with 49 full-line store locations throughout the northeastern United States, in two major cities in the Midwest and in Boca Raton, Florida, four Lord & Taylor outlet locations and lordandtaylor.com. Hudson’s Bay Company banners provide stylish, quality merchandise with a dedicated focus on service excellence. Hudson’s Bay Company trades on the Toronto Stock Exchange under the symbol “HBC”.