Nordstrom eliminating up to 400 jobs in cost-cutting move
Nordstrom will eliminate between 350 and 400 jobs in pursuit of a leaner business model and about $60 million in cost savings, the retailer said Monday.
Affected positions will primarily be from the company's corporate office and regional support teams and the changes are expected to be completed by the end of the second quarter. The company will look at getting rid of open unfilled positions first.
Nordstrom, citing the need to evolve to meet customer demands, said the decision will help the company achieve more efficiencies within its business. It plans to institute new operating models across its divisions, including re-evaluating the skills needed for particular roles and resetting leadership structures.
"We see opportunities to create a more efficient and agile organization that ensures we're best positioned to achieve our goals," said Blake Nordstrom, the retailer's co-president, in a statement.
The announcement makes Nordstrom, based in Seattle, the latest retailer to undergo cost-cutting measures in order to keep up with the rapid change of pace in the industry. Earlier this year, Walmart said it would close 154 stores in the U.S, affecting roughly 10,000 employees. And that news came shortly after Macy's said it would close 36 stores and eliminate more than 4,500 positions.