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Be the first with the news that moves the marketNordstrom Canada has been serving Canadians since 2014.
After many difficult years, parent company Nordstrom, Inc. has decided to close Nordstrom Canada’s doors nationwide.
In Canada, limited department stores tailor to the luxury fashion market. Options in the past have included Holt Renfrew, Nordstrom Canada and The Bay’s ‘The Room’ section.
It’s a safe bet that all fashionistas will run to a Nordstrom near them as the company has planned a ‘liquidation sale,” subject to court approval.
According to the company’s site, a hearing is expected to be held around March 20, with the sale to start shortly after.
In addition, digital returns and exchanges are no longer available, and the Canadian website has also shut down as of March 2. The company did mention that changes will be accepted at any storefront location at this time.
Earnings
In reports, the company posted its Q4 earnings at $119 million for net revenues. Looking at the same time for the previous year, the company accumulated $200 million in net earrings.
Also affected are the store’s 2,500 people currently employed under the corporation.
Nordstroms is one of many going through similar closures. Target closed all its Canadian stores in 2015, and most recently, Bed Bath and Beyond will be closing its stores, with a massive clearance sale currently taking place.
The business is responsible for 13 storefronts, which include Nordstrom Rack locations.
Nordstrom, Inc. (JWN) is up 2.43 per cent, trading at USD$19.80 at close.
