Nordstrom furloughs 'a portion' of its staff for six weeks, draws down $800 million from revolving credit [MarketWatch]
Nordstrom, Inc. (JWN)
Last nordstrom, inc. earnings: 3/3 04:05 pm
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Source: MarketWatch
Nordstrom Inc. said in a filing on Wednesday that it furloughed "a portion" of its staff for six weeks starting April 5. Nordstrom has 68,000 employees, according to FactSet. Furloughed employees will receive benefits through May. Stores remain closed indefinitely. Pete and Erik Nordstrom, chief brand officer and chief executive officer, respectively, will forego their salaries from April through September. The board will also forego cash compensation for six months. Nordstrom has drawn down $800 million from its revolving credit facility and aims to reduce capital expenditures and other expenses by $500 million. "The longer our stores remain closed to the public, the greater impact it will have on our results of operations and financial condition, and if our physical locations remain closed to customers for an extended period of time our financial situation could become distressed," the filing said. Nordstrom stock rallied nearly 10% in Wednesday trading, but has dropped 56% over the
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