Nordstrom, which earlier this month announced it had leveraged $600 million in real estate investments to weather the COVID-19 stores closures, told investors it will be permanently closing 16 of its least profitable stores this year.
The company operates 116 Nordstrom stores, all of which have been closed since mid-March. The stores slated to close permanently comprise around 14% of its total full-line stores. The locations are spread out across the United States, but there’s some concentration of closures in the mid-Atlantic and Southern California.
Here’s the complete list of stores scheduled to close this year:
Chandler Fashion Center in Chandler, Ariz.
Arden Fair in Sacramento, Calif.
Paseo Nuevo in Santa Barbara, Calif.
Montclair Place in Montclair, Calif.
Westfield North County in Escondido, Calif.
Galleria at Tyler in Riverside, Calif.
Stoneridge Shopping Center in Pleasanton, Calif.
FlatIron Crossing in Broomfield, Colo.
Waterside Shops in Naples, Fla.
Dadeland Mall in Miami
Annapolis Mall in Annapolis, Md.
Freehold Raceway Mall in Freehold, N.J.
Clackamas Town Center in Happy Valley, Ore.
North East Mall in Hurst, Texas
Short Pump Town Center in Richmond, Va.
The Mall of San Juan Blvd. in San Juan, Puerto Rico
Nordstrom is also “restructuring its regions, support roles, and corporate organization for greater speed and flexibility” according to the prepared statement. The changes are expected to result in savings of approximately $150 million.
Department stores have been hit hard by the COVID-19 pandemic. Luxury department chain Neiman Marcus filed for bankruptcy protection last week, J.C. Penny just skipped another interest payment, and Lord & Taylor, owned by Le Tote, is reportedly looking to liquidate. All three companies were in financial straits before the pandemic hit.
“More than ever, we need to work with flexibility and speed,” said Nordstrom CEO Erik Nordstrom in the same statement.
(Photo courtesy of Nordstrom)
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