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Nordstrom is planning to eliminate 350 to 400 jobs as part of a restructuring plan, the department store announced today.
The majority of job cuts will happen at Nordstrom's corporate center, according to the Seattle Times, and the layoffs will happen across all corporate divisions including marketing, finance, legal, and merchandising. Nordstrom will try to first close open positions to cut costs, and the company anticipates the downsizing efforts will save about $60 million in this fiscal year.
Nordstrom's been suffering in recent months: Bloomberg reports that its shares have fallen 30 percent in the past year. In March, Nordstrom had announced that it had laid off 120 members (or seven percent) of its tech team.
"We’re seeing what has been a very noticeable change in our business model," Nordstrom's chief financial officer Mike Koppel said about e-commerce on an investors' call in February. "That is a model that behaves enormously different than the mall-based model, and so we have a lot to learn about that."
The department store is now refocusing its efforts on online sales, with what Nordstrom is calling a "new operating model in its Technology group focused on strengthening its ability to deliver on e-commerce and digital initiatives."