Seattle-based department store chain Nordstrom announced late last week that it will close its operations in Canada because the struggling retailer does not see "a realistic path to profitability" in the Canadian market.
The company is closing its 13 Nordstrom and Nordstrom Rack stores in Canada, resulting in layoffs of 2,500 employees, the company said, according to a report in the Seattle Times.
"This decision will simplify our structure, intensify focus on our growth and profitability goals and position us to create greater value for our shareholders," CEO Erik Nordstrom said, in a statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
