Nordstrom Canada liquidation sale could begin as early as this week
Posted Mar 20, 2023 03:35:00 PM.
A court hearing is scheduled for Monday as Nordstrom Canada seeks approval for a liquidation sale after announcing earlier this month it would be shuttering its Canadian operations.
The company says customers can expect to find discounted items on its racks starting Tuesday if approval is received.
Nordstrom announced back on March 2 it was closing six Nordstrom and seven Nordstrom Rack stores after determining there was no “realistic path to profitability for the Canadian business.” The upscale retailer hopes to wind up operations by late June.
The move will result in 2,500 jobs being eliminated.
Nordstrom expanded to Canada in 2012 and opened its first store in Calgary in September 2014. It quickly expanded with stores in Ottawa, Vancouver and Toronto.
As a result of the Canadian closures, Nordstrom is expected to record US$300 to US$350 million in pre-tax charges in the first quarter of fiscal 2023.
The wind-down is expected to result in a roughly US$400 million decline in net sales.
