Nordstrom Temporarily Closes Corporate HQ; Warns of Adverse Impact This Quarter 'and Beyond'

Reuters  |

Image: Nordstrom men's store, New York. Source: Nordstrom

(Reuters) - Nordstrom Inc has temporarily shut down its corporate headquarters in Seattle due to the spread of the coronavirus in the area, the retailer said in a filing on Wednesday.

The department store chain operator also warned that its "results for the quarter ending May 2, 2020 and beyond will be adversely impacted in a significant manner" by the fallout from the pandemic.

The retailer, like many others, has closed stores, furloughed most of its employees and suspended dividends.

Nordstrom is also looking to raise $500 million in the bond market to bolster liquidity, securing the new bond against a newly established property company with $1 billion-$1.1 billion of real estate assets, IFR, Refinitiv’s capital markets publication reported earlier in the day.

The company has also drawn down $800 million from its existing credit line.

Reporting by Aditi Sebastian in Bengaluru; Editing by Saumyadeb Chakrabarty.

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Source: Reuters

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