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IPFS News Link • Business/ Commerce

Nordstrom Tells Landlords To Expect Just Half Their Rent Until January 2021

• https://www.zerohedge.com by Daphne Howland

 A Nordstrom spokesperson didn't immediately respond to Retail Dive's request for more information or comment.

In the letter, the company also said it will use store comps as the basis for any "true up rent payment, up to a full reconciliation should 2020 sales reach 90% of sales made in that location in 2019." The department store said it "will continue to maintain insurance coverage, pay utilities on which we are the account holder, and maintain your building(s) as required by the lease."

Separately, Nordstrom on Wednesday confirmed that it's "realigning and reducing our workforce to support our market strategy, including in our corporate support teams." The layoffs are part of a 20% reduction "to non-occupancy related overhead expenses," a spokesperson told Retail Dive in an email, but declined to say how many people are affected. Sourcing Journal last week, citing unnamed sources, said plans are to cut up to 25% of its workforce. Those don't include layoffs at the 16 stores slated for permanent closure, according to that report. In 2019, the retailer employed about 68,000 full- or part-time employees.


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