COVID-19: Nordstrom to Close 16 Stores

In an effort to cut costs in the wake of the COVID-19 pandemic, department store retailer Nordstrom (Seattle) will close 16 stores and restructure its operations, reports CNBC. The company moves will reportedly result in a $150 million reduction in costs.

In March, Nordstrom suspended its quarterly dividend and pulled its 2020 financial outlook.