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Nordstrom (JWN) Stock Closed Higher After Announcing Job Cuts

NEW YORK (TheStreet) -- Nordstrom (JWN - Get Report) stock closed higher by 1.22% to $52.33 in Monday's trading session, after the retailer announced that it will eliminate between 350 and 400 jobs.

The job cuts should save roughly $60 million in Nordstrom's current fiscal year. They are expected to be completed by the end of the second quarter.

The changes are part of Nordstrom's broader shift toward e-commerce and digital initiatives.

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