Nordstrom Canada OK’d for liquidation sales, court rules. What to know
Global News
At a hearing in Toronto, the Superior Court of Justice gave Nordstrom's Canadian branch approval to start the liquidation process.
An Ontario court has granted Nordstrom permission to sell off its merchandise before it closes its Canadian stores.
At a hearing in Toronto, the Superior Court of Justice gave the U.S. retailer’s Canadian branch approval to start the liquidation process.
Nordstrom required court approval because it is winding down its Canadian operations under the Companies’ Creditors Arrangement Act, which helps insolvent businesses restructure or end operations in an orderly fashion.
As part of the wind down, Nordstrom will close its six Canadian department store locations and seven Nordstrom Rack shops, which sell designer goods at discount prices.
When Nordstrom announced its exit from the market in March, it said it expected Canadian stores to close by late June.
Chief executive Erik Nordstrom has attributed its departure from Canada to the company no longer seeing a realistic path to profitability in the country.
