Retail

Nordstrom to close 16 stores, restructure in cost-saving push

Key Points
  • The retailer will also incur non-cash impairment charges associated with the store closures.
  • In March, Nordstorm had suspended its quarterly dividend and pulled its 2020 outlook.
Pedestrians pass in front of a Nordstrom Inc. store in the Midtown neighborhood of New York, on March 20, 2020.
Gabby Jones | Bloomberg | Getty Images

Apparel retailer Nordstrom said on Tuesday it would close 16 stores and restructure its operations in an effort to cut costs and weather the impact of the Covid-19 pandemic.

The company is restructuring its regions, support roles and corporate organization, which will save $150 million in costs, it said in a statement.

The retailer will also incur non-cash impairment charges associated with the store closures. In March, Nordstorm had suspended its quarterly dividend and pulled its 2020 outlook.

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