The company doesn't "see a realistic path to profitability for the Canadian business."Seattle-based department store chain Nordstrom will close all its stores in Canada and leave the market. The reduction of business will entail the dismissal of about 2.5 thousand employees. A released statement said the company does not "see a realistic path to profitability for the Canadian business."
The company is preparing to close its flagship store at CF Toronto Eaton Centre, which opened in 2016 on the site of Sears Canada. Department stores at Yorkdale, Vaughan Mills and CF Sherway Gardens will cease operations. The retailer's e-commerce platform has already suspended order intake.
"We came to Canada in 2014 to build and sustain a long-term business there. Despite our best efforts, we don't see a realistic path to profitability for the Canadian business," Nordstrom commented.
As of early 2023, Nordstrom operated six department stores of the same name and seven Nordstrom Rack stores in Canada. The final winding down of the business will take place by June with the involvement of a third-party liquidator. The company expects that closing stores in Canada will strengthen its focus on growth and profitability goals and "create more value for shareholders."
6 MARCH 2023, Canada