Retailer Nordstrom Begins Liquidating Canadian Stores

U.S. retailer Nordstrom (JWN) has started to liquidate its stores across Canada.

The troubled department store chain started the liquidation process after the Ontario Superior Court of Justice gave the company permission to start selling off its Canadian assets.

Nordstrom said it plans to sell merchandise, furniture, fixtures, equipment and goods from third parties at its Canadian operations.

Nordstrom launched in Canada in 2014. The company has six Nordstrom stores and seven Nordstrom Rack locations nationwide.

All stores in Canada are closing and 2,300 people are losing their jobs as a result, the company has said. The Canadian stores are expected to be shuttered by the end of June this year.

Nordstrom, an upscale department store chain that primarily sells designer clothing, said it is leaving Canada due to a lack of profitability in the marketplace.

Nordstrom’s stock has declined 39% over the last 12 months to trade at $16.10 U.S. per share.