First there were the announcements that department store legends Neiman Marcus andJCPenneywere filing for bankruptcy.
ThenCNBCreported that Lord & Taylor is looking to liquidate andMacy’sis pushing back its earnings report.
Now Nordstrom is announcing the permanent closure of 16 of its 117 full-service stores around the country.
No announcements were made regarding its off-price Nordstrom Rack locations.
In apress release, the company says it expects to incur costs as a result of the closures.
Nordstrom CEO, Erik Nordstrom, seems to support that.
“We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations.
The impact of COVID-19 is only accelerating the importance of these capabilities in serving customers,” Nordstrom said.
“More than ever, we need to work with flexibility and speed.”
Nordstrom also pointed out that it had continued to operate an online business during the pandemic.
Will this be enough to keep Nordstrom going?
The company seems to think so.
