High-end clothing retailer Nordstrom is shutting down all 13 stores in Canada and laying off 2,500 employees after failing to make a profit in America's neighbor to the north.
The company has already shuttered its ecommerce operations in the country. The decisions come as Nordstrom tries to shrink its footprint to ensure financial stability.
"We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty," said Erik Nordstrom, chief executive officer of Nordstrom, Inc., in an earnings release.
"We also made the difficult decision to wind down operations in our Canadian business. This will enable us to simplify our operations and further increase our focus on driving long-term profitable growth in our core U.S. business."
Like many retailers, Nordstrom has ramped up discounts and markdowns in recent quarters to keep its inventory levels in check. It's also struggled with slower sales due to inflation, which isn't expected to go away anytime soon.
“We expect that elevated inflation and rising interest rates will continue to weigh on consumer spending, especially in the first half of the year," said Michael Maher, interim chief financial officer, in an earnings call.
The closures in Canada are set to take place by June.
Student loan borrowers have the ability to earn retirement funds pegged to their payments – and the company Summer might be bringing it to your workplace.
It might not be what investors want to hear… but bringing down inflation could mean interest rates stay higher for (even) longer. But it's not all downside.
President Joe Biden and Chinese President Xi Jinping have discussed Taiwan, artificial intelligence and security issues in a call meant to demonstrate a return to regular leader-to-leader dialogue between the two powers.
April is Earth month, and while the green revolution might feel far away, the founder of climate VC Siam Capital says it’s on it’s way, and, even better: it won't cost you more.
From snow in April to heatwaves in December, it’s hard to plan a trip in a climate change world. Startup Sensible Weather thinks weather-based travel reimbursements are the solution.
Between corporate debt and the widening gap between ‘the haves and the have nots,’ there are reasons to be cautious about the economy, even with interest rate cuts on their way.
If the A.I. hype hasn’t given you enough of a reason to be excited (and a little terrified), the CEO of Zapata AI says the next frontier is designing bridges or creating pharmaceutical drugs.
