Why Nordstrom Stock Was Sliding Today [The Motley Fool]
Nordstrom, Inc. (JWN)
Last nordstrom, inc. earnings: 3/3 04:05 pm
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Source: The Motley Fool
Jeremy Bowman(TMFHobo)Author BioFool since 0. I write about consumer goods, the big picture, and whatever else piques my interest. Follow me on to see my latest articles, and for commentary on hot topics in retail and the broad market.Follow @tmfbowmanWhat happenedShares ofNordstromNYSE:JWNAs of :08 p.m. EDT on Monday, Nordstrom stock was down 7.%.Image source: Nordstrom.So whatRumors about Neiman Marcus going bankrupt had been swirling for years. The company carries a heavy debt burden of nearly $ billion, and the weight of more than $00 million in annual interest payments has made it impossible to turn a profit and service all of its debt.The chain now appears to be one of the first major retail victims of the coronavirus crisis as Reuters reported that the company was aiming to seek bankruptcy protection this week. In March, due to the pandemic, it temporarily closed all 9 of its stores, including Last Call and Bergdorf Goodman, and furloughed most of its ,000 employees.Nordstrom
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