Nordstrom to close 16 stores

US-based retailer Nordstrom will close 16 stores, the company said in COVID-19 business update.

The retailer is also to restructure the company, which should reduce costs by $150m. These measures follow an initial savings plan of $200m to $250m.

Nordstrom is currently planning to re-open stores that have been shut due to COVID-19 in a phased, market-by-market approach.

The retailer says that, while stores are temporarily closed, it is generating solid online traffic and conversion and clearing excess inventory through increased promotions. Its e-commerce business represented 33% of sales in 2019 .