Nordstrom said at its annual shareholder meeting that it has cut about half of the 400 jobs it plans to eliminate in Seattle by the end of July,
the
Puget Sound Business Journal
reported.
Nordstrom expects the cuts will save $60 million, the article said. The company plans to reduce expenses by a total of $150 million during the year, the report said.
During the week of the annual meeting, Nordstrom’s stock traded at about $36 a share, the lowest price in five years, the article said.
E-commerce represents 20% of Nordstrom’s business, up from 8% five years ago, the journal report said. Erik Nordstrom, who heads Nordstrom.com, said at the meeting that the company realizes its site must be able to compete with Amazon’s, the article said. However, Nordstrom confirmed in March that it had laid off 131 people from its technology team, the article said. (Source:
Puget Sound Business Journal
, May 19, 2016.)
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