Nordstrom Family May Be Dropping Plans To Take A Larger Ownership Share In The Retailer

by MR Magazine Staff

A plan by the Nordstrom family to regain control of its namesake company seems to have been shelved, according to a securities document filed Monday. For the past several months, Nordstrom co-presidents Erik and Peter Nordstrom have been in talks with the Seattle retailer’s independent board members over a proposal that would have boosted the Nordstrom family’s stake in the retailer from the current 31% to “slightly in excess” of 50%, according to Monday’s filings. Such a change would have given the Nordstrom family more control over a company that has come under fire over the last year for declining sales and a plummeting share price. Read more at The Seattle Times.