Thread regarding Nordstrom layoffs

Bankruptcy on horizon

I heard from reliable person that somewhere between Sept 22 and Oct 6, Nordstrom will announce some big changes. Either bankruptcy is on the cards or spinoffs...
I think they will use this opportunity to get out of paying the severance owed to employees

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Post ID: @OP+16F3OIsz

15 replies (most recent on top)

3 days left on this call.

It’s news by Tuesday or we’re stuck waiting for Black Friday and maybe even Christmas for the next cycle of hard facts and tough decisions and ugly news.

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Post ID: @Aewm+16F3OIsz

lol jjb get us off extinction island lolllll

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Post ID: @4oaz+16F3OIsz

Well, Nieman Marcus is closing its store in Bellevue, in that stupid Bravern mall.

They already closed a shiny new store in Hudson Yards, NYC. Barely open a year. Whoops.

Maybe they know something.

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Post ID: @3cmx+16F3OIsz

"all stores in Washington state except Bellevue Sq mall"

Now that qualifies for what I'm thinking is bold and even extreme action. If true, omg omg omg.

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Post ID: @3xwx+16F3OIsz

Buy yourself a Nordstrom division during Cyber 5. CYBER 5!!!

I wonder if it feels the same as it did during the last days at Circuit City?

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Post ID: @3eit+16F3OIsz

I heard that all stores in Washington state except Bellevue Sq mall are closing.

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Post ID: @3fps+16F3OIsz

Well, yeah.

Questions remain. Will Racks close? Is a formal bankruptcy needed to nix FLS leases in bulk, or do the terms of these commercial leases allow termination with the hard close of a location? Chapter 11 is only needed as a nuclear option, but it is an option, even it wrecks the stock $JWN.

Maybe a Board member can post on this thread and explain the finer points of this for us. We’re just thrashing about in the dim light of our own ignorance.

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Post ID: @3pdb+16F3OIsz

Your reliable person is unreliable.

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Post ID: @2qhi+16F3OIsz

Curse you, OP. What am I supposed to do with myself now for the next month? I guess should at least visit the Anniversary Sale at store 1 before it’s gone*.

*the Sale or store 1?

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Post ID: @1mxs+16F3OIsz

Imagine where Nordstrom would be now had they secured the shark funding and bought out the company. They would have a boat anchor of insane debt on their ankle.

LOL the Board rejected $50/sh because they figured it was headed back to $80. I bet Erik and Pete and Mr. Bruce himself would unload it all at $50 Monday if offered the chance.

Once it dives under $10, it very likely stays there. I think I’m turning JCP, I really think so.

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Post ID: @1ppe+16F3OIsz

Maybe they're gonna try and take it private.

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Post ID: @feq+16F3OIsz

It's the store tenant rents that force the issue, and perhaps the need to get this done ahead of the critical holiday season.

The timeline has shrunk immensely. How much do you suppose the shiny-new, unused REI headquarters is worth?

https://www.outsideonline.com/2416265/rei-selling-bellevue-headquarters-remote-work

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Post ID: @vrn+16F3OIsz

I believe most have been paid at this point. I don't think Nordstrom is trying to cheat anyone out of the severance pay.

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Post ID: @bwn+16F3OIsz

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