Nordstrom Is Shutting Down All Of Its Stores In Canada & Here's What We Know So Far
The company employs 2,500 people in Canada.
Nordstrom is set to close down all of its 13 brick-and-mortar stores and its e-commerce business in Canada.
According to a press release on March 2, Nordstrom's CEO Erik Nordstrom said the company had made the "difficult decision" to wind down operations at its six Nordstrom locations and seven Nordstrom Rack locations across Canada.
The U.S.-based department store launched in Canada in 2014, opening its first store at the CF Chinook Centre in Calgary, and it also had locations in B.C. and Ontario.
Nordstrom is closing its stores across Canada after reporting a drop in their fourth quarter earnings. The company will cease its e-commerce platform as of March 2 and completely shut down by late June 2023. #canadanews #nordstrom #nordstromrack #nordstromcanada #torontonews
However, according to court filings seen by CBC, the store's Canadian business has lost money every year it has been in operation.
"Despite our best efforts, we do not see a realistic path to profitability for the Canadian business," Nordstrom said in the press release.
The move would allow Nordstrom to simplify their operations and drive growth in the U.S., the company's CEO added.
Nordstrom employs approximately 2,500 people across Canada.
The company has already obtained an Initial Order from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act in order to begin winding down operations.
A third-party liquidator will be brought in to help with the process and Nordstrom's stores are expected to have closed by late June 2023. Its e-commerce platform will end operations from March 2, 2023.
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