Worth reading, it has a good restatement of the risks from the 8-K and earnings for the quarter.
E-commerce really came through for needed revenue, but the merch was deeply discounted and painful to unload. Remember, Nordstrom was doing online off-price promotions and fulfilling out of Rack locations; I got one of these.
IMO the most important detail is at the top of page 7, under Current Assets:
Cash and cash equivalents. $1,355. $853. $448
Nordstrom is sitting on $1.355B of cash, which is all they have to get through the crisis in retail. Well this is just $800MM from the Revolver they hurriedly nailed down and the $600MM from the shark loan.
So all of Nordstrom's cash on hand is borrowed. This is important! They are desperately trying to get the flows going again, with a promised Anniversary Sale in August. But they just closed their stores again and have to restore several key ones that were recently looted.
Page 13 has some notes about the constraints of leverage and credit ratings for how Nordstrom can behave with this debt, how it is secured with the inventory and base assets of the business. They cannot act willy-nilly, the cash must be spent wisely and there might not be more.
Good luck, Nordy chums. If Nordstrom offers you your job with a salary and title cut, in the current climate, you should take it, and then work your tail off.