Nordstrom Canada Began Liquidation Sales On March 21
Nordstrom Canada Began Liquidation Sales On March 21
Nordstrom Canada began liquidation sales on Tuesday March 21, less than three weeks after the company announced it would close all locations across the country.
A media spokesperson for the retailer confirmed the date to STOREYS on Monday. According to court documents filed with the Ontario Superior Court of Justice by the monitor, Alvarez & Marsal Canada, the sale will conclude no later than June 30.
The extended sale period was deemed “necessary and appropriate” to help the retailer’s respective landlords deal with the effects of the wind-down of Nordstrom’s operations. It will also allow the department store chain the “breathing space and time” required to complete the sale.
According to the documents, the liquidation will be carried out by a joint venture comprised of Hilco Merchant Retail Solutions ULC and Gordon Brothers Canada, which were previously involved in the liquidation of Target Canada, Sears Canada, and Forever 21, and are currently undertaking the liquidation of Bed Bath & Beyond’s Canadian retail stores.
Nordstrom is winding down operations in Canada under the Companies’ Creditors Arrangement Act (CCAA), which allows insolvent corporations to restructure their businesses and financial affairs. Under the CCAA, court approval is required to begin liquidation.
All gift cards, gift certificates, and Nordstrom Notes issued prior to March 21, 2023, will be honoured, and all merchandise sold during the liquidation period will be final sale.
In addition to merchandise, the liquidation sale will include certain furniture, fixtures, and equipment located in Nordstrom Canada’s stores and distribution centres.
The retailer operates six Nordstrom stores across Canada, including within the CF Toronto Eaton Centre, Yorkdale Shopping Centre, and Vancouver’s CF Pacific Centre, as well as seven discount Nordstrom Rack locations.
All stores will shutter, and Nordstrom’s 2,500 Canadian employees are expected to be laid off. Nordstrom.ca is no longer operational.
“We entered Canada in 2014 with a plan to build and sustain a long-term business there,” Nordstrom CEO Erik Nordstrom said earlier this month. “Despite our best efforts, we do not see a realistic path to profitability for the Canadian business.”
Source Storeys. Click here to read a full story
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