Nordstrom Is Permanently Closing 16 Stores + What Else It’s Doing To Cut More Costs

Nordstrom Inc. is slimming down to strengthen its financial health as the retailer continues to be severely impacted by the coronavirus pandemic. As part of a restructuring effort, the department store said late today it would close 16 Nordstrom locations — bringing its full-line store count down to 100. (All told, the department store currently operates 378 stores across its nameplates.) Nordstrom did not reveal the locations it plans to shutter. In addition, the retailer is overhauling its regional structure, support roles and corporate organization in a bid to become faster and more flexible. All told, the restructuring is expected to result in expense savings of about $150 million — or 30%  — of the company’s previously announced plans for cash reductions of more than $500 million in operating expenses, capital projects and working capital. In addition, Nordstrom said it would move its anniversary sale to August from July as it implements a store reopening plan. Throughout the crisis, Nordstrom has been focusing on e-commerce, which represented a third of 2019 sales. The company said its off-price online business exceeded $1 billion last year. Now the retailer is bridging brick-and-mortar and digital operations like never before. It said more than half of Nordstrom.com orders are now

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