Hudson's Bay Company (HBC.TO) said on Friday that Chief Financial Officer Paul Beesley would remain in his role while the Canadian retailer continues to search for his replacement.

Beesley was set to exit the company on Friday, the company had said in May.

The company — which operates Hudson's Bay, Lord & Taylor, Saks Fifth Avenue and other chains — and other large retailers are struggling to reinvent themselves amid an industry-wide upheaval, blamed in part on changing shopping trends that have seen shoppers migrate online.

In March, Reuters reported that Hudson's Bay was in exploratory talks to acquire debt-laden luxury retailer, Neiman Marcus Group. This followed a failed effort earlier in the year to bid for Macy's.