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Nordstrom Shuts Doors Amid Covid-19 Pandemic

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Nordstrom  (JWN)  has joined a growing list of major storefront retailers who are shutting down their brick-and-mortar operations amid the coronavirus pandemic.

Nordstrom announced Tuesday it was closing all of its 380 stores in the U.S. and Canada for two weeks, joining other retailers who are taking the unprecedented move of closing their retail operations to help limit the spread of the coronavirus.

“The health and safety of our customers and employees remain our top priority as we continue to make decisions during this rapidly evolving situation. We’re taking decisive actions across the business to help protect employees, customers and others in the communities we serve,” CEO Erik Nordstrom said in a statement.

The closures include all Nordstrom full-line stores as well as Nordstrom Rack, Trunk Club clubhouses and Jeffrey units. The company said it will continue to serve customers through its online business, which accounted for a third of sales in 2019.

The announcement followed on the heels of Saks Fifth Avenue saying it will close its Manhattan and Philadelphia units for two weeks and follows other large retailers including Gap (GPS) - Get Report, Nike (NKE) - Get Report and Apple (AAPL) - Get Report that have taken the unprecedented steps of shuttering their retail operations to help combat the spread of the disease.

Nordstrom also said on Tuesday that it is pulling its earnings and sales guidance, saying it is instead shifting its focus to inventory and expense management.

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