Nordstrom to close stores in U.S., Canada, withdraws 2020 outlook due to coronavirus

(Reuters) – Apparel retailer Nordstrom Inc (N:) on Monday withdrew its fiscal 2020 forecast and said it would close stores in the United States and Canada for two weeks due to the coronavirus pandemic.

The company said it would close stores, including Nordstrom full-line, Nordstrom Rack and Trunk Club clubhouses, effective March 17, in an effort to arrest the spread of the virus.

It will provide pay and benefits to its store employees during the period, Nordstrom said.

The Seattle-based retailer also suspended share repurchases as part of a plan to further cut its expenses.

“While February sales were in-line with expectations, the company experienced a broad-based deceleration in customer demand over the past couple of weeks, particularly in markets most affected by the virus,” Nordstrom said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.