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March 27, 2020

Nordstrom

Seattle retailer Nordstrom has taken several measures to strengthen its financial position in light of the COVID-19 pandemic. They include: suspending its quarterly cash dividend; drawing down $800 million on its revolving line of credit; reducing over $500 million in operating expenses, capital expenditures and working capital; and suspending share repurchases. The company will also will start to furlough a portion of its corporate employees starting April 5 for six weeks. Nordstrom on March 16 temporarily closed its stores; it's extending the closures for at least one week, through April 5.




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