High-end retailer Nordstrom is reporting a net loss of $521 million USD in Q1 of 2020. The loss much like most business has been attributed to the current COVID-19 pandemic. In May the retailer revealed in May that its net sales dropped by a staggering 40 percent year over year, with its full-line sales falling 36 percent and off-price sales reducing by 45 percent.

“As part of our continued efforts to navigate this situation and achieve the expense reductions announced previously, we are modifying our rent payments until January 2021, at which point we’ll fully reconcile our payments,” said a spokesperson from Nordstrom in an email. “We’re working closely with our store landlords to find a mutually agreeable path forward.”

“COVID-19 has had a very real impact on Nordstrom, accelerating the importance of our market strategy and capabilities we’ve invested in for years,” he continued. “Our new operating model helps us serve customers across our business as one company, while enabling us to be more agile and flexible. We’ll continue to invest in critical capabilities across technology, data analytics and supply chain to deliver for our customers.”