Nordstrom Suspends Dividends and Share Buybacks, Borrows $800 Million
Looking to fortify its liquidity as coronavirus shutdowns continue to batter the US economy, Nordstrom (NYSE: JWN) announced it would suspend its cash dividend starting in fiscal second quarter 2020. The footwear, clothing, and lifestyle retailer said the suspension is only temporary and dividends will start again as soon as conditions improve enough to warrant it.
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Nordstrom is pursuing several other measures also intended to protect its cash position. These include suspending stock buybacks or repurchases. It is also looking for ways to reduce its operating expenses and streamline its inventory to save $200 to $250 million during fiscal 2020, and $500 million over the longer term.
Source Fool.com
