Nordstrom closing 16 stores on coronavirus fallout
On March 17, Nordstrom made the decision to temporarily close all its stores due to the coronavirus outbreak
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When Nordstrom decides to reopen its stores, when its safe to do so, not all of them are coming back.
The fashion retailer has decided to permanently close 16 of its full-line stores.
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The Company says it is making the move to strengthen its business for the long-term and will take non-cash impairment charges connected to the closings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JWN | NORDSTROM INC. | 22.37 | +0.12 | +0.54% |
“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,” said Erik Nordstrom, chief executive officer of Nordstrom. “More than ever, we need to work with flexibility and speed. Our market strategy helps with both, bringing inventory closer to where customers live and work, allowing us to use our stores as fulfillment centers to get products to customers faster, and connecting digital and physical experiences with services like curbside pickup and returns.”
On March 17, Nordstrom made the decision to temporarily close all its stores due to the coronavirus outbreak.
NORDSTROM TO SHUTTER ALL ITS STORES TO LIMIT CORONAVIRUS SPREAD
The company's plan is to reopen stores in a phased, market-by-market approach where allowed by local authorities and with the health and safety of employees, customers and communities as a priority.
In the meantime, Nordstrom continues serving customers through its scaled e-commerce business, representing one-third of 2019 sales.
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When stores reopen, Nordstrom will operate under adjusted store hours, provide health screenings for employees and provide face coverings for workers as well as customers, among other measures.