Luxury department store Nordstrom will lay off more than 40 employees at its Centennial office, home to its banking operations.
The retailer said it will permanently transition most of the office’s operations to TD Bank but some Nordstrom employees will stay on in the move, according to a letter dated July 24 sent to state officials as required by the Worker Adjustment and Retraining Notification Act (WARN).
TD Bank acquired Nordstrom’s credit card portfolio in 2015 and has continued to extend its partnership over the last decade as its exclusive card issuer.
Last year, the financing company extended its Nordstrom credit card program agreement to 2032.
“As part of the extension, Nordstrom is transferring cardholder servicing and related functions to TD,” a Nordstrom spokesperson said in an emailed statement.
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The banking company also “expressed their intent to offer employment opportunities to a majority of our team,” the spokesperson said.
The operations of the office at 13531 E. Caley Ave. in Centennial will transfer over to TD Bank in phases, the letter said, beginning on Aug. 16.
Layoffs for the first phase will begin Oct. 18, the retailer said. Operations are expected to fully transition to TD Bank by February. The 43 layoffs will be only for the first phase, the letter said.
A “small subset” of Nordstrom Credit Bank workers will stay on through April, according to the letter.
“We’re confident that this transition will improve the experience for our customers with enhanced digital capabilities, support continued growth within our credit program and provide the best possible service for our credit card customers – some of the most loyal and highly engaged Nordstrom shoppers,” the retailer’s spokesperson said.