As the Coronavirus pandemic takes toll on USA and surrounding countries, apparel retailer Nordstrom Inc. plans to shut down its stores located in the United States and Canada.
The Seattle-based apparel retailer withdrew its fiscal 2020 forecast and suspended its share repurchase plans to cut down the cost of the company.
The closure of stores like Nordstrom full-line, Nordstrom Rack and Trunk Club clubhouses, shall be effective from 17 March.
Erik Nordstrom, CEO, Nordstrom, opined “During this unprecedented period of uncertainty, we have in place the appropriate business continuity plans, operational framework and team.”
The apparel retailer will pull the shutters of more than 360 stores for a short while, until the situation comes under control. Meanwhile, employees will get their pay and other benefits from the company.
As the people are practicing social distancing, Nordstrom is experiencing decreasing customer demands on a broader level and specifically in markets affected by the Coronavirus.
However, the company plans to keep its e-commerce platforms operational.
