Nordstrom has announced it is temporarily closing all its stores in the U.S. and Canada, including Nordstrom at the St. Johns Town Center and Nordstrom Rack at The Markets at Town Center.
“The health and safety of our customers and employees remain our top priority as we continue to make decisions during this rapidly evolving situation. We’re taking decisive actions across the business to help protect employees, customers and others in the communities we serve,” said company CEO Erik Nordstrom in a statement.
The closures went into effect Tuesday, March 17, and are currently scheduled to last two weeks.
The fashion retailer said it will continue providing pay and benefits to its employees while the stores are closed and its online operations will continue without interruption.
On the stakeholder side, the company decided to withdraw its 2020 guidance, which investors typically use to help make their decisions.
“During this unprecedented period of uncertainty, we have in place the appropriate business continuity plans, operational framework and team,” said Nordstrom. “This, in concert with ending 2019 with a solid financial position and healthy balance sheet, gives us the ability to weather this challenging moment in time.”
Nordstrom stock took a sizable hit when the markets opened, dropping from $17.15 per share at 9:30 a.m. to $14.15 by 10 a.m. By 11:04 a.m. it had rebounded to $16.01.
Nordstrom, founded in 1901, has 380 stores in 40 states, including a sizable presence in Florida, with stores in the Tampa Bay, Orlando and South Florida areas.