USA: Nordstrom In $70 Million Website Deal
Upscale retailer Nordstrom Inc said today it will post $86.9 million in first quarter charges due to the impact of new accounting rules and a $70m buyout of a minority stake in its Internet and catalogue unit.
The Seattle-based company said it expects to post a non-cash charge of $21.9m to mark down the value of goodwill from its October 2000 acquisition of French apparel manufacturer Faconnable.
It added it had agreed to buy a minority stake in the Nordstrom.com website for $70m, with most of that sum posted as a one-off charge in the period ended April 30.
Help test our new apparel sourcing tool.
- Outlook 2017 – What next for apparel sourcing?
- Outlook 2017 – What else is the industry watching?
- $1.7bn package to boost Pakistan clothing exports
- Is China about to burst its apparel trade bubble?
- Outlook 2017 – Strategies for sourcing success
- M&S quality focus finally lifts clothing sales
- MAS Holdings planning second industrial park
- Sri Lanka on track to regain EU GSP+ benefits
- 22 dos and dont's – When sourcing goes wrong
- Aéropostale to reopen 500 stores across the US
- Global apparel markets: product developments and innovations, October 2016
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Anti-odour clothing: fresh fashion for an active lifestyle
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar