SEC filings bonanza!

Big batch of SEC filings, lots of 4 disclosure forms and new 10-Q and 8-Ks:
https://press.nordstrom.com/financial-information/sec-filings

The named executive officers got fresh batches of stock options, hooray!
https://press.nordstrom.com/node/43131/html

Here's a bit from the 10-Q. I would have posted on it already, but I was sweating out another site ban (over on 4chan, too). I want to know what is the full extent of the "fee interest in the retail condominium unit", since everyone is GTFO NYC these days. Many such cases!

"NOTE 5: COMMITMENTS AND CONTINGENCIES
Our NYC flagship store opened in October 2019 and the related building and equipment assets were placed into service at the end of the third quarter of 2019, while construction continues in the residential condominium units above the store. As of August 1, 2020, we have a fee interest in the retail condominium unit. We are committed to make one remaining installment payment based on the developer meeting final pre-established construction and development milestones. Precautions related to the COVID-19 pandemic have caused delays in meeting these milestones and the timing of the remaining payment."

10-Q link:
https://press.nordstrom.com/node/43046/html

What gems can you dig up? Someone please impress us with your nose for scandal or even just good gossip.

Comment! It's anonymous!

8 replies (most recent on top)

And I want to make it clear, from the last earnings, that Nordstrom paid back a big big chunk of the Revolver this quarter. I don’t know if the rates are high or they just wanted to flex a little, but the max on that account remains available to the company if they wish to use it. If the credit markets dry up, that’s the rainy day fund and backup. They must feel confident in the terms that it will be there again for them if needed. Otherwise they would have kept that cash in the mattress.

When they run out of money, and investors, and lenders, and scummy vampire lenders. As the good Geevy himself explained to me, it’s very hard to k–l an established retailer, money can almost always be found to keep it afloat.

This conversation took place jeez about 5 years ago, and we were actually talking about JCPenney, no joke. Now JCP is large enough to blow up hundreds of mid-market teetering malls were it to croak, so it looks like the final (?) lenders are the mall operators themselves.

Sears is still alive, and JCP, but a dull entry like Stein Mart or Barneys gets a quick DNR order. Nordstrom has to burn through their borrowed cash hoard before they can join the party.

When is Nordy shutting down for good?

A thoughtful analysis of the latest earnings:

https://seekingalpha.com/article/4374033-nordstroms-working-capital-is-paltry

Cash is tight, debt at junk levels, Nordstrom in a difficult and crucial period.

Everything I have read says the ultra luxury condo market in NYC is ultra saturated... much like retail in general these days.

I posted what interests me, this unspecified spooky stake in the hedge fund gods’ sky palaces above the NYC FLS, just as Manhattan is about to go full Snake Pliskin.

I was hoping others would find something interesting in the SEC filing tea leaves.

Definitely the 8-K on the new executive stock options issues suggests that a chapter 11 filing to close 50+ FLS at once is off the table, at least for now.

Going forward, anon, let’s call this the “Samson Option”.

So, what’s the summary? Good or bad?

Half a billion? Final 25%?

Thread regarding Nordstrom layoffs

SEC filings bonanza!

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