It is 100% confirmed. Cutting their management by 40%. Many good managers are not staying. It is really Nordstrom's loss. It is super sad especially since they are getting major tax cuts this year since the corporation tax rate is basically cut in HALF! Most managers have until April 7th to make a decision if they are going to stay as a salesperson on commission or take a severance.
They are telling employees that they are focusing more on the web portion of their business and claim that the web portion of their business makes up about 40%. I totally understand that business is changing from retail to online but cutting your management by 40% and expecting the remaining 60% to do the same amount of work with increases is not a good choice by the decision makers. In addition, many customers will shop in store and order online or have the salesperson order online for them. So I am not confident in the online percentage numbers. It is interesting since they are paying out dividends to shareholders in a couple of weeks. Their EPS missed their goal, but overall they still had an increase in sales (4.4%). Many of their financial ratios were positive. Super disappointing in Nordstrom. I hope all of those good people that they are "eliminating their positions" will find other companies to work for and add their value to better those other companies.