May 5, 2020 / 10:58 PM / a month ago

Nordstrom to close 16 stores, restructure in cost-saving push

May 5 (Reuters) - Apparel retailer Nordstrom Inc said on Tuesday it would close 16 stores and restructure its operations in an effort to cut costs and weather the impact of the COVID-19 pandemic.

The company is restructuring its regions, support roles and corporate organization, which will save $150 million in costs, it said in a statement.

The retailer will also incur non-cash impairment charges associated with the store closures. In March, Nordstorm had suspended its quarterly dividend and pulled its 2020 outlook. (Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur)

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