Nordstrom to Eliminate Up to 400 Jobs as Priorities Shift Onlineby
Nordstrom Inc. is eliminating as many as 400 jobs, looking to save money and focus more on reaching its customers online.
The cuts, which will come mostly from the retailer’s corporate center and regional support teams, will save about $60 million in the company’s current fiscal year. The moves will be complete by the end of the second quarter, which runs through July, Seattle-based Nordstrom said Monday in a statement.
The job cuts are Nordstrom’s latest attempt to rein in expenses as mall traffic slows and shoppers increasingly seek to buy clothing online. Co-President Blake Nordstrom said earlier this year that the company would reduce capital spending by $300 million over the next five years. Last month, the company named Kumar Srinivasan as its chief technology officer, continuing efforts to ramp up its Internet operations.
Nordstrom rose 1 percent to $52.21 at 3:28 p.m. in New York. The shares already had gained 3.8 percent this year through the end of last week.