April 19, 2016
In a bid to cut $60 million in costs, high-end retailer Nordstrom plans to shed upwards of 400 jobs. Although shares of the Seattle-based company have risen 15% so far this year, they were down 32% last year.
Nordstrom says the cuts are expected to be completed by July, and will primarily affect positions at its headquarters and regional offices, rather than sales floor positions. Those being eliminated will receive separation pay and benefits.
The retailer, which employs roughly 72,500 full and part-time people, operates 323 Nordstrom and Nordstrom Rack stores across 39 states. The company plans to focus more efforts online, thus saving on payroll expenses.