'Despite our best efforts, we do not see a realistic path to profitability for the Canadian business.'
TORONTO — Nordstrom Inc. is closing all of its Canadian stores and cutting 2,500 jobs as it winds down operations in the country.
"Despite our best efforts, we do not see a realistic path to profitability for the Canadian business," he said in a statement. It quickly expanded its presence with stores at CF Rideau Centre in Ottawa, CF Pacific Centre in Vancouver and CF Eaton Centre, Yorkdale Shopping Centre and CF Sherway Gardens in Toronto.
The Canadian closures were "probably the right choice" and show the company has a lack of confidence in how it could continue to support Canadian losses, said Neil Saunders, the managing director of GlobalData, a retail research agency. Nordstrom's wind down is being completed through an order obtained by the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act.
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