Nordstrom Family to Sell Big Stake in Stores

From Bloomberg News

Nordstrom Inc., a 102-year-old department-store chain, said a partnership run by members of the founder's family planned to sell as much as two-thirds of its shares to diversify its holdings.

The Elmer and Katharine Nordstrom Family Interests will sell as many as 5.4 million of its 8.2 million shares, the company said. The partnership holds about 6% of Nordstrom's shares.

Nordstrom shares had risen 86% this year as profit and sales surged. The Seattle-based retailer has cut inventory, leaving less merchandise that had to be discounted to clear it out.

Nordstrom declined 83 cents to $34.42 on the New York Stock Exchange.

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