The retailer's assessment of this crisis is one that many are likely dealing with, as businesses that sell nonessential goods such as apparel, shoes and luggage have reached an almost complete standstill.
"The longer our stores remain closed to the public, the greater impact it will have on our results of operations and financial condition, and if our physical locations remain closed to customers for an extended period of time our financial situation could become distressed," the Seattle-based department store chain said Wednesday in a securities filing.
Nordstrom said the pandemic, so far, has had a "substantial impact" on its business. It said it expects its results for the quarter ended May 2, and beyond, to be "adversely impacted in a significant manner." Nordstrom has already taken a number of measures to cut costs and raise additional liquidity, as have many other retailers. It has furloughed the majority of its workforce, suspended its quarterly dividend payment effective in the second quarter of 2020, drawn down $800 million on its revolving credit facility and halted share repurchases.
Nordstrom was already financially distressed. Rolling layoffs for the past year.
Stalingrad_Poor No shit
IAmSophiaNelson Is that something we didn't already know?
Cascading-Effect will kill many viable businesses unquestionably!
SO blaming the virus, What virus did they have last year? Nordstrom cuts 2019 forecast after quarterly results miss big ...www.reuters.com › article › nordstrom-cuts-2019-forecast-after-quart... May 21, 2019 - Nordstrom Inc on Tuesday cut its forecast for full-year sales and pr
Stalingrad_Poor I think we’re passed “could” at this point. Reprint to say it “will”.
Only ones that won't be financially hit are politicians. Stop all politicians pay now
Oh yeah a few big retailers wont make it out of this for sure
So is mine
Stalingrad_Poor No shit captain obvious!
I don't think retail will ever be the same
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