TORONTO –
Nordstrom is expected to begin liquidating its stores across Canada today.
The start of the department store chain closing discount comes a day after the US retailer’s Canadian branch was given permission by the Ontario Supreme Court of Justice to begin selling merchandise at a discount.
Nordstrom’s liquidation efforts are being led by Hilco Merchant Retail Solutions ULC and Gordon Brothers Canada and are expected to be completed by the end of June.
Furniture, fixtures and appliances will be liquidated along with most Nordstrom merchandise, but third-party merchandise is not part of the sale as they were removed from stores over the weekend. via.
Nordstrom requires court approval for liquidation because it is ending operations in Canada under the Corporate Creditors Arrangement Act, which helps insolvent businesses restructure or terminate operations. move in an orderly manner.
As part of the reduction process, Nordstrom will close six Canadian department store locations and seven Nordstrom Rack stores, which sell designer merchandise at discounted prices.
This report by The Canadian Press was first published on March 21, 2023.
