Nordstrom (NYSE:JWN) is closing its more than 360 stores temporarily to try to curb the spread of COVID-19.
The department store chain has also withdrawn its 2020 earnings outlook, due to the uncertainty of the situation. Nordstrom said it has experienced "a broad-based deceleration in customer demand over the past couple of weeks, particularly in markets most affected by the virus."
Nordstrom said its e-commerce operations, which made up about a third of its 2019 sales, will remain open.
The Seattle-based chain will close all of its locations, including its off-price division Nordstrom Rack, in the U.S. and Canada beginning Tuesday, for two weeks. Nordstrom said it will continue to offer pay and benefits to store workers at this time.
Nordstrom has 116 full-line department stores in the U.S., Canada, and Puerto Rico, and 248 Rack shops.
"During this unprecedented period of uncertainty, we have in place the appropriate business continuity plans, operational framework and team," CEO Erik Nordstrom said in a statement.
"This, in concert with ending 2019 with a solid financial position and healthy balance sheet, gives us the ability to weather this challenging moment in time."
With so much economic uncertainty, Nordstrom said it will also be working toward making "further reductions to its expense and capital expenditure plans." The retailer is also suspending share repurchases.
Amid a broader market selloff, Nordstrom shares closed Monday down more than 20% and has has tumbled more than 60% in the past 12 months.
Shares declined $2.11, or 12.3%, to $15.08
