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Nordstrom said its Canadian store wind down is expected to be completed by June.
Photo:
SeongJoon Cho/Bloomberg News
Nordstrom Inc.
said it would wind down and liquidate its operations in Canada under court protection, closing 13 stores and laying off about 2,500 workers.
The luxury department store chain said Thursday it filed for protection under the Companies’ Creditors Arrangement Act, Canada’s rough equivalent of chapter 11 bankruptcy.
“We entered Canada in 2014 with a plan to build and sustain a long-term business there. Despite our best efforts, we do not see a realistic path to profitability for the Canadian business,” Chief Executive
Erik Nordstrom
said.
The company said it expects to book $300 million to $350 million in pretax charges related to the move. It will result in a decline of about $400 million in net sales for the fiscal year.
Nordstrom said its Canadian e-commerce operations will stop operating Thursday and the in-store wind down is expected to be completed by June.
Write to Suzanne Kapner at Suzanne.Kapner@dowjones.com
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Appeared in the March 3, 2023, print edition as ‘Nordstrom To Pull Out Of Canada.’
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