Nordstrom announces plan to close all Canadian stores
As part of its fourth-quarter earnings report, Nordstrom announced plans to close all their stores in Canada, according to a media release from the company.
Fourth quarter earnings were down across the board, year over year, even after shuttering Trunk Club and selling its interest in a corporate office building.
“We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty,” said Erik Nordstrom, CEO. “We also made the difficult decision to wind down operations in our Canadian business.”
Nordstrom entered Canada in 2014, but did not see a “realistic path to profitability.”
The process to liquidate properties has already begun, with nordstrom.ca expected to end operations Thursday.
Nordstrom anticipates the physical Canadian stores, which include six Nordstroms and seven Nordstrom Rack stores, to be closed by June.
Nordstrom Canada also employs about 2,500 people.