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.