Nordstrom announced Monday that it will close all of its stores in the US and Canada as part of a restructuring, amid rising costs.
The retail giant said it will cut about 2,400 jobs across the US, Canada and the UK, and it will discontinue sales of certain department stores and stores at the Sears department store chain in Canada.
The Nordstrom chain has been struggling to maintain its competitive position with larger rivals like Macy’s and Nordstrom Rack in the department store and department store-focused industries.
The company is also closing stores in Australia, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Spain and Sweden.
It said it plans to close more than 10,000 Nordstrom stores in Europe and the US by the end of the year.
The news came just hours after the company announced it would be closing the company’s flagship store at the iconic Sears department in Chicago, where employees will be able to take a break and focus on other roles.
In a statement, the company said the Sears closure was part of an overall strategy to better align its businesses to their current and future needs.
“Nordstrom’s strategy is to focus on core and core brands, while expanding into emerging areas of our business,” it said.
“The core brands we have a great deal of respect for include the iconic and beloved fashion brands we carry, including Ralph Lauren, Victoria’s Secret, Bloomingdale’s and Forever 21.”
We also believe the Nordstrom store is a great fit for the global consumer, and will continue to invest in our store experience and service.
“Read more:The retailer has faced a sharp downturn in sales and profits since the global financial crisis, which led to the closures of many of its department stores.
It has also faced pressure from US lawmakers and the Trump administration to find savings and cut costs to reduce its deficit.