1/30/2024 0 Comments Discount liquidationThey will oversee the sale of merchandise, furniture, fixtures and equipment, but not goods from third parties, which removed products this past weekend. “Despite our best efforts, we do not see a realistic path to profitability for the Canadian business,” the CEO said, adding that the decision will simplify the company’s structure and create greater value for shareholders.įor its third-party liquidators, the company decided to go with a joint venture comprised of Hilco Merchant Retail Solutions ULC and Gordon Brothers Canada, which were involved in the liquidation of Target, Sears and Forever 21 in Canada, the Canadian Press reported. This helps insolvent businesses restructure or end operations in an orderly fashion. The company required court approval, which it received March 20 from the Ontario Superior Court of Justice, to begin the liquidation because it is winding down its Canadian operations under the Companies’ Creditors Arrangement Act. Article contentĪt the time, Nordstrom said it expected the Canadian stores to close by late June and 2,500 workers to lose their jobs. Nordstrom Rack Heartland Town Centre, 788 Boyer Boulevard, Mississauga, Ont.This advertisement has not loaded yet, but your article continues below. Nordstrom Rack Vaughan Mills, 1 Bass Pro Mills Drive #E4, Vaughan, Ont. Nordstrom Rack One Bloor, 731 Yonge Street, Toronto, Ont. Nordstrom Yorkdale Centre, 3401 Dufferin Street, Toronto, Ont. Nordstrom Toronto Eaton Centre, 260 Yonge Street, Toronto, Ont. Nordstrom Sherway Gardens, 25 The West Mall, Etobicoke, Ont. The company’s store locations in thee GTA are as follows: so they were treating Canada just as another store operation versus looking at it as a new opportunity and understanding the Canadian landscape as a whole.” “If we see something in common between Nordstrom and Target it is that they continued their operations from the U.S. But what we can learn from this is really these retailers need to come in and experience the Canadian landscape with their feet on the ground,” she said. There are a handful of retailers that have come here and are successful. “It's a really sad thing to hear continuously in the news about these international retailers coming to Canada and not being successful. Tamara Szames, executive director and industry adviser of Canadian retail at the consumer research company Circana, told CP24 on Monday that Nordstrom likely struggled coming out of the pandemic like many retailers did.īut she also speculated that it may not have fully appreciated the uniqueness of the Canadian retail landscape. In a news release earlier this month, CEO Erik Nordstrom said that the company entered Canada with a “plan to build and sustain a long-term business” but no longer sees a “realistic path for profitability.” New inventory each week Liquidation Store. Its first Toronto store at the CF Eaton Centre then opened in 2016. Great deals on housewares, furniture, electronics, clothing, footwear, toys, bedding, seasonal items and more. Nordstrom opened its first Canadian store in Calgary in September 2014. So for those consumers who are quick on the draw and get down there in the line I think they will pick up some good deals.” “I think you are going to see very significant discounts. So they are not going to drag this out,” Ian Lee, who is an associate professor at the Sprott School of Business at Carleton University, told CTV News Channel on Monday. They made the strategic decision to withdraw. Nordstrom's Canadian e-commerce platform has already been scrapped. The company is hoping to wrap up the liquidation process by June and close all 13 of its brick-and-mortar locations in Canada, including the six in the GTA. That group was also involved in the liquidation of Target, Sears and Forever 21 in Canada, he said. A liquidation sale at six Nordstrom locations across the Greater Toronto Area will begin tomorrow.ĭuring a court hearing held at Osgoode Hall on Monday, Chief Justice Geoffrey Morawetz granted the fashion retailer permission to start liquidating its merchandise, just weeks after its announcement that it would leave the Canadian marketplace.Ĭourt approval was necessary because Nordstrom is winding down its Canadian operations under the Companies’ Creditors Arrangement Act.ĭuring Monday’s hearing lawyer Jeremy Dacks, who represents Nordstrom, said that the retailer has “worked hard to achieve a consensual path forward" with landlords and suppliers.ĭacks said that a joint venture comprised of Hilco Merchant Retail Solutions ULC and Gordon Brothers Canada will preside over the liquidation process,” including the sale of merchandise, furniture, fixtures and equipment.
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