Nordstrom Takes A Big Writedown On Trunk Club

Just over two years ago, Nordstrom spent $350 million to acquire fast-growing personalized clothing service Trunk Club. At the time, it seemed like a savvy move to combat the rising threat from Amazon.com’s fashion business. (Wall Street analysts expect Amazon to become the top apparel retailer in the U.S. next year.) Trunk Club is one piece of Nordstrom’s broader plan to fend off Amazon.com. Image source: Nordstrom. However, earlier this month, Nordstrom wrote down the value of Trunk Club by more than half, taking a $197 million goodwill impairment charge. What went wrong with this once-promising acquisition? Read more at Fox Business.