March 23, 2020 / 11:28 PM / 5 days ago

Nordstrom joins Macy's in suspending dividend amid coronavirus

FILE PHOTO: The Nordstrom store is pictured in Broomfield, Colorado, February 23, 2017.REUTERS/Rick Wilking/File Photo

(Reuters) - Nordstrom Inc (JWN.N) said on Monday it would suspend its quarterly cash dividend and share repurchases as it looks to weather the impact from the coronavirus pandemic.

The upscale department store chain also said it drew down $800 million on its revolving line of credit.

Last week, peer Macy’s Inc (M.N) also suspended its quarterly dividend and said it would borrow $1.5 billion from a revolving credit facility.

Nordstrom said the dividend suspension would begin in the second quarter.

The company also said it is targeting reductions of more than $500 million in expenses, capital expenditures and working capital.

Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel

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