Nordstrom expanded into Canada in 2014 with plans to be there for the long haul, the company's chief executive said Thursday. Instead, the retailer is shutting its 13 Canadian stores—seven of which are Nordstrom Rack locations—and laying off 2,500 employees, the Wall Street Journal reports. "Despite our best efforts, we do not see a realistic path to profitability for the Canadian business," Erik Nordstrom said. The company said it's already filed for protection under the Companies’ Creditors Arrangement Act, which is similar to seeking Chapter 11 bankruptcy protection in the US.
Thursday is to be the last day for the retailer's e-commerce website, and the stores are scheduled to close by late June. Nordstrom expects the Canadian shutdown to hurt its 2023 net sales to the tune of $400 million, per Yahoo Finance. The company on Thursday reported earnings for the last quarter, which included the holiday period, that exceeded Wall Street expectations, though sales and profits were down. Nordstrom said an increase in markdowns during the quarter are part of the reason for the sales drop, per CNBC. The company said it wanted to start the new year with a more reasonable inventory. (More Nordstrom stories.)
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