Nordstrom plans permanent closure of 16 stores
Nordstrom Inc. said Tuesday it will permanently close 16 of its 116 full-line stores.
The Seattle-based retailer, which temporarily closed its U.S. stores on March 17 in response to the Covid-19 outbreak, did not indicate which stores would close in its statement but said those decision would depend on individual market factors.The majority of Nordstrom’s full-line stores are located in a mall.
“We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations. The impact of Covid-19 is only accelerating the importance of these capabilities in serving customers,” Nordstrom CEO Erik Nordstrom said in a Tuesday news release. “More than ever, we need to work with flexibility and speed."
Nordstrom will also restructure its regions, support roles and corporate organization, which is expected to save the company about $150 million. Nordstrom's previously said it planned to reduce more than $500 million in operating expenses, capital expenditures and working capital.
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