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Nordstrom Rack closes one store

From: ASAP
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Nordstrom Rack, the off-price retail division of Nordstrom, Inc. (NYSE: JWN), today announced plans to close its City Place store in Silver Spring, Maryland. Due to lack of growth in the City Place store's business, the off-price retailer chose to close it rather than extend the lease which ends in April 2002. The 37,000 square foot store is scheduled to close in January 2002.

"We've been fortunate to be a part of this community for nearly ten years so the decision not to renew our lease was an extremely difficult one for us," said Sue Tabor, executive vice president and president Nordstrom Rack. "We are grateful to our employees for their hard work and for the loyalty of our customers. However, sales growth has not met our expectations over the past few years and we have chosen to close this location. Although we are closing our City Place store, we will continue to consider other opportunities to do business in this area." The closure will impact 52 employees currently working at the City Place store. Nordstrom Rack is offering incentive packages to employees who remain in their jobs through the store closing. Employees who choose to remain with the company will have the option to transfer to Nordstrom at Pentagon City or Nordstrom Rack at I-270 Center in Gaithersburg, Md. The off-price retailer will also offer job training and placement services to employees who decide not to remain with the company. Nordstrom Rack currently operates 39 stores nationwide and has plans to open a total of eight new stores this year.

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