LIQUIDATION sales have begun at Nordstrom stores across Canada after the popular retailer announced a series of store closures.
Earlier this month, the luxury department store chain announced it was ceasing operations in the country.
Six Nordstrom stores and seven Nordstrom Racks stores are expected to close by June at the latest.
Around 2,500 employees are said to be affected by the closures.
Attorney Jeremy Dacks, who represented Nordstrom, announced that all sales are final and no returns are permitted, according to CBC News.
The sale began Tuesday, but some shoppers found the discounts underwhelming.
Some customers were stunned to discover that some items were only five percent off.
However, a Nordstrom spokesman told CTV News Toronto that the prices of the products have been reduced by as much as 20 percent.
The company’s CEO, Erik Nordstrom, admitted that bosses don’t see a “realistic path to profitability” for the Canadian business.
According to the company, Nordstrom Canada accounts for less than three percent of total sales.
For the new financial year, Nordstrom expects sales to fall by four to six percent.
The company expects a $400 million drop in total net sales as it exits Canada.
Nordstrom isn’t the only retailer to announce a string of store closures recently.
Gap, which also owns Old Navy, Banana Republic and Athleta, said around 50 stores will close in the coming months.
In 2020, popular retailer Macy’s announced it would close 125 stores over a three-year period.
But CEO Jeff Gennette revealed at the National Retail Federation’s Big Show event in January that the chain is in the “final stages of closure.”
He revealed that 170 deals have been “dropped” since 2016.
And major sports retailer Foot Locker has said it will close around 400 underperforming stores by 2026.
The closures are part of a plan designed to spur long-term growth through “simplifying operations.”
However, the retailer announced that it plans to open 300 new format stores, which will be relocated to locations outside of the malls.
Bosses hope 50 percent of Foot Locker stores will be outside of malls.
https://www.the-sun.com/money/7700179/retailer-liquidation-sales-chain-store-closures/ Finals sales underway as iconic retailer starts liquidation sell-off after announcing slew of closures