Nordstrom Canada

2023 - 3 - 2

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Image courtesy of "The Washington Post"

Nordstrom to close all its Canadian stores, lay off 2500 workers (The Washington Post)

Retail giant Nordstrom will exit the Canadian market, shutting down its 13 stores in the country amid stagnant sales, the company said.

[Target](https://corporate.target.com/press/releases/2015/04/target-canada-to-close-all-canadian-stores-by-apri), which operated more than 100 stores in Canada, pulled out of the country in 2015. [downgraded Nordstrom’s rating](https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-nordstrom-to-bb-outlook-stable-25-01-2023#:~:text=Fitch%20Ratings%20%2D%20New%20York%20%2D%2025,The%20Rating%20Outlook%20is%20Stable.) at the beginning of the year, citing its operating challenges and multiple changes at off-price business. [the company said](https://investor.nordstrom.com/news-releases/news-release-details/nordstrom-reports-fourth-quarter-2022-earnings-announces-wind). [Court filings by Nordstrom](https://www.alvarezandmarsal.com/sites/default/files/canada/Pre-Filing%20Report%20of%20the%20Proposed%20Monitor%20-%20Alvarez%20%26%20Marsal%20Canada%20Inc.%20-%2001-MAR-2023.pdf) in Canada reveal a dismal picture. The local e-commerce website in Canada ceased operations Thursday, while the stores are expected to shutter by late June, the company said. The move will cut approximately [2,500 jobs](https://www.bnnbloomberg.ca/nordstrom-closing-all-of-its-canadian-stores-cutting-2-500-jobs-1.1890535).

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Image courtesy of "just-style.com"

Nordstrom exits Canada in bid to focus on core US market growth (just-style.com)

The result sees Nordstrom close all six of its Nordstrom stores in Canada, seven Nordstrom Rack stores and the Nordstrom.ca website.

“As we enter fiscal 2023, we are focused on enhancing the customer experience, improving Nordstrom Rack performance, increasing inventory productivity and continuing to advance our supply chain optimization initiatives. This will enable us to simplify our operations and further increase our focus on driving long-term profitable growth in our core US business,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. The wind-down is expected to result in an approximately $400m decline in total company net sales and a $35m improvement in total company EBIT in fiscal 2023, relative to fiscal 2022, excluding the aforementioned charges associated with the wind-down. We also made the difficult decision to wind down operations in our Canadian business. Accordingly, Nordstrom Canada commenced a wind-down of its operations, obtaining an Initial Order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (“CCAA”) earlier today to facilitate the winddown in an orderly fashion. “We entered Canada in 2014 with a plan to build and sustain a long-term business there.

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Image courtesy of "Curiocity"

Nordstrom Canada plans to host a liquidation sale before closing all ... (Curiocity)

Nordstrom Canada has announced that it will close all of its stores nationwide and plans to host a liquidation sale starting in March.

“We want to thank our team for their performance and dedication in serving customers in Canada. We’re sad to see you go, Nordstrom! Returns and exchanges will no longer be honoured as of March 17th, 2023.

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Image courtesy of "CBC.ca"

Nordstrom closing down in Canada, shuttering all 13 stores | CBC ... (CBC.ca)

Nordstrom Inc. says it is winding down its Canadian operations and closing all 13 of its stores in the country.

After years of suffering a drag on profits, Stephens says Nordstrom's U.S. "We entered Canada in 2014 with a plan to build and sustain a long-term business there. It's the second major U.S. Any orders placed online before Thursday will be filled, but no new orders will be processed online. says it is winding down its Canadian operations and closing all 13 of its stores in the country. All stores will close and all the company's staff in Canada — roughly 2,330 people — will lose their jobs, the company said Thursday.

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Image courtesy of "PRNewswire"

Nordstrom Reports Fourth Quarter 2022 Earnings, Announces Wind ... (PRNewswire)

PRNewswire/ -- Nordstrom, Inc. (NYSE: JWN) today reported fourth quarter net earnings of $119 million, or $0.74 per diluted share ("EPS"), and earnings ...

Other adjusting items to reconcile net earnings to Adjusted EBITDAR as defined by our Revolver covenant include interest income, certain non-cash charges and other gains and losses where relevant. Estimated income tax expense is calculated by multiplying the adjusted net operating profit by the effective tax rate for the trailing twelve month periods ended January 28, 2023 and January 29, 2022. We believe that Adjusted ROIC is a useful financial measure for investors in evaluating the efficiency and effectiveness of the capital we have invested in our business to generate returns over time. These items include the wind-down of our Canadian operations in 2023. 4Adjusted EBIT margin and adjusted EPS are non-GAAP financial measures. 2Adjusted EBIT and adjusted EBIT margin are non-GAAP financial measures. Our digital-first platform enables us to serve customers when, where and how they want to shop – whether that's in-store at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through our [Nordstrom](https://c212.net/c/link/?t=0&l=en&o=3798861-1&h=4003853150&u=http%3A%2F%2Fwww.nordstrom.com%2F&a=Nordstrom) and [Rack](https://c212.net/c/link/?t=0&l=en&o=3798861-1&h=53658452&u=http%3A%2F%2Fwww.nordstromrack.com%2F&a=Rack) apps and websites. 1Adjusted EBIT, adjusted EBIT margin and adjusted EPS are non-GAAP financial measures. - For the Nordstrom Rack banner, net sales decreased 8.1 percent compared with the same period in fiscal 2021. For the fourth quarter ended January 28, 2023, net sales decreased 4.1 percent versus the same period in fiscal 2021 and gross merchandise value ("GMV") decreased 4.2 percent. - For the Nordstrom banner, net sales in the fourth quarter decreased 2.4 percent compared with the same period in fiscal 2021. For the fiscal year ended January 28, 2023, net earnings were $245 million and diluted EPS was $1.51, with EBIT of $465 million, or 3.1 percent of sales.

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Image courtesy of "Globalnews.ca"

Nordstrom to close all Canadian stores, cutting 2500 jobs (Globalnews.ca)

All six Nordstrom and seven Nordstrom Rack stores in Canada will be shuttered by late June, while its e-commerce business will cease operations Thursday, ...

The Canadian wind-down came as Nordstrom released its fourth quarter results, which included net earnings of US$119 million in the period ended Jan. That compared with net earnings of US$200 million during the same period the year before. Its e-commerce business, nordstrom.ca, was due to cease operations by the end of the day. As a result of the Canadian closures, Nordstrom expected to record US$300 to US$350 million in pre-tax charges in the first quarter of fiscal 2023. Nordstrom Rack, which promised luxury brands at bargain prices, followed with several locations. The Canadian closures were “probably the right choice” and show the company has a lack of confidence in how it could continue to support Canadian losses, said Neil Saunders, the managing director of GlobalData, a retail research agency.

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Image courtesy of "CTV Edmonton"

Nordstrom closing stores in Ottawa as it winds down Canadian ... (CTV Edmonton)

The Nordstrom store in the Rideau Centre and the Nordstrom Rack at Ottawa Train Yards will close by the end of June, as the retail store shuts down ...

'I turn 83 in August, so figured it was time to get out of it,' chuckled the father and grandfather. Nordstrom announced on Thursday it is winding down its Canadian operations and closing all of its stores in Canada. Instead of ignoring the lost luggage, he decided to do something about it. store opened in the fall of 2018. The former star of St. Officers also allegedly found neo-Nazi material inside the residence. The company said all of its 2,500 staff members in Canada would lose their jobs. Total closures helped, but at a cost. The 35,000 sq. is closing all of its Canadian stores and cutting 2,500 jobs as it winds down operations in the country. In 2016, Nordstrom announced plans to open a 'Nordstrom Rack' at Ottawa Train Yards. The Nordstrom store in the Rideau Centre and the Nordstrom Rack at Ottawa Train Yards will close by the end of June, as the retail store shuts down operations in Canada.

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Image courtesy of "The Globe and Mail"

Nordstrom to exit Canada, will close all 13 stores (The Globe and Mail)

Luxury retailer Nordstrom Inc. is exiting Canada nine years after entering the market, closing all 13 stores and laying off 2,500 employees after failing to ...

In addition to closing Canadian operations, Mr. As part of the court-supervised process, the company has shut down its e-commerce platform and plans to hire a liquidator. Despite our best efforts, we do not see a realistic path to profitability for the Canadian business,” said chief executive officer Erik Nordstrom in a press release. Nordstrom expects to take a US$300-million to US$350-million charge as it closes down Canadian operations. chain to retreat in the face of strong domestic competition. is exiting Canada by closing 13 department stores and laying off 2,500 employees, becoming the latest U.S.

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Image courtesy of "CP24 Toronto's Breaking News"

Nordstrom will close all of its Canadian stores, cutting 2500 jobs in ... (CP24 Toronto's Breaking News)

The fashion retailer made the announcement on Thursday, noting that it does not “see a realistic path to profitability for the Canadian business.” Advertisement.

Despite our best efforts, we do not see a realistic path to profitability for the Canadian business,” Erik Nordstrom, chief executive officer of Nordstrom, said in a news release. "We entered Canada in 2014 with a plan to build and sustain a long-term business there. Nordstrom has announced that it will close all of its Canadian stores, cutting 2,500 jobs in the process.

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Image courtesy of "Reuters"

Nordstrom expects weak annual revenue, to wind down Canadian ... (Reuters)

Nordstrom Inc JWN.N forecast full-year revenue below analysts' expectations on Thursday, signaling high inflation levels were dampening consumer spending on ...

The retailer entered Canada in 2014 and currently employs about 2,500 employees. Register for free to Reuters and know the full story EPS of $1.80-$2.20 vs est. of $1.94 [Macy's Inc](/business/retail-consumer/macys-sees-weak-annual-sales-inflation-hit-consumers-curb-spending-2023-03-02/) [(M.N)](https://www.reuters.com/companies/M.N) and [Kohl's Corp](/business/retail-consumer/kohls-misses-quarterly-comparable-sales-estimates-2023-03-01/) [(KSS.N)](https://www.reuters.com/companies/KSS.N). The decision to wind down the operations would result in about a $400 million decline in total net sales in fiscal 2023, the company said, adding it also expects a $35 million improvement in total earnings before interest and taxes (EBIT).

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Image courtesy of "LesAffaires.com"

Nordstrom ferme ses magasins au Canada et coupe 2500 emplois (LesAffaires.com)

Toronto — Nordstrom ferme tous ses magasins canadiens et supprime 2500 emplois alors qu'elle met fin à ses activités dans le pays.

Les magasins, qui vendent des chaussures ainsi que des vêtements et des accessoires, sont situés en Ontario, en Alberta et en Colombie-Britannique. Les magasins sont situés en Ontario, en Alberta et en Colombie-Britannique. Le détaillant établi à Seattle possède six magasins Nordstrom et sept magasins Nordstrom Rack au Canada, qui seront fermés d’ici la fin juin.

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Image courtesy of "Samfiru Tumarkin LLP"

Nordstrom closing all Canadian stores, no 'realistic path to ... (Samfiru Tumarkin LLP)

Thousands of jobs are on the chopping block at Nordstrom as the retail giant shutters its business operations in Canada.

banks) over unsecured creditors (employees). • Bankruptcy laws in the country allow companies to favour secured creditors (i.e.

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Image courtesy of "CTV News"

These are the locations where Nordstrom will close its stores in ... (CTV News)

Nordstrom is set to close all 13 of its Canadian stores, the company announced on Thursday, resulting in 2500 job losses. The stores, which include ...

To do this, many are increasing the "user-pay" system that generates revenue from passengers, fuel and aircraft fees. In an column on CTVNews.ca, personal finance contributor Christopher Liew explains how to calculate how much rent you can afford. Many Canadians are experiencing strains caused by the increased cost of living and inflation. The recent upturn in cryptocurrencies has inspired many to reconsider investing. These changes could impact how you’re taxed when you file your 2023 income tax returns next year. - Vaughan Mills, Vaughan (Nordstrom Rack) [MORE Business News](https://www.ctvnews.ca/business) The announcement also comes after Nordstrom released its fourth quarter results showing net earnings of US$119 million in the period ending Jan. - Ottawa Train Yards, Ottawa (Nordstrom Rack) - One Bloor, Toronto (Nordstrom Rack) - South Edmonton Common, Edmonton (Nordstrom Rack) - Willowbrook Shopping Centre, Langley (Nordstrom Rack)

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