PORTLAND, Ore. (KOIN) – Nordstrom has no plans to leave downtown Portland, according to information provided by the company.
In a statement sent to KOIN 6 News, a Nordstrom spokesperson said the company does not have plans to close the downtown Portland stores and is committed to serving customers in the area.
Concerns about the fate of the downtown Portland store arose after the San Francisco Business Times reported the company had decided to close its downtown San Francisco mall store and the nearby Nordstrom Rack, an outlet store where Nordstrom sells discounted items.
Nordstrom also announced in March that it would “wind down operations” at its Canadian businesses. The news came in a press release issued March 2 about the company’s fourth quarter 2022 earnings.
Nordstrom said its fourth quarter 2022 earnings were down 4.1% compared to the same period in 2021 and gross merchandise value had decreased 4.2 percent. Net sales for Nordstrom Rack decreased 8.1 percent, the company said.
“As we enter fiscal 2023, we are focused on enhancing the customer experience, improving Nordstrom Rack performance, increasing inventory productivity and continuing to advance our supply chain optimization initiatives. We remain confident in the strength of our brands and our ability to drive profitable growth and deliver long-term value to our shareholders,” Erik Nordstrom, chief executive officer of Nordstrom, Inc. said.
With the closure of the Canadian stores, Nordstrom predicts it will see a $35 million improvement in total company earnings before interest and taxes in fiscal year 2023, relative to fiscal year 2022. This excludes the charges associated with the closures.
Hilco Merchant Retail Solutions, the company hired to oversee the liquidation sales at all six Nordstrom Canada stores and all seven Nordstrom Rack stores in Canada, announced in a press release that store closing sales began on March 21, 2023.
Nordstrom closed its Clackamas Town Center store in 2020 and closed its Salem Center Mall store in 2018. The company is based in Seattle.