🠈 Nordstrom 🠊
Nordstrom Department Store
Nordstrom is an upscale department store with about 267 stores with 62,000 employees. The company was founded in 1901 by John W. Nordstrom, who had just made $13,000 from a gold mine during the Alaska Komstock gold rush, and his partner Carl Wallin in Seattle. Carl Wallin had a shoe repair business. The combined venture sought to make quality shoes and gradually expanded into other lines of apparel and items for the home.
The initial store Wallin and Nordstrom developed a reputation for excellence in service that the stores work diligently to maintain. In 1923, the company added a second store. In the late twenties control of the company was transferred to Nordstrom's sons who brought the store to a national audience.
In 1971, Nordstrom's went public and is traded on the New York Stock Exchange with the symbol JWN. The stores headquarters are in Seattle, Wa. The current CEO is Bruce Nordstrom. The president is Blake W. Nordstrom.
Nordstrom trades on the NYSE with the symbol NYSE. It has yet to fall prey to the merger and acquisition market. Here is the company's corporate history:
- 1887: John W. Nordstrom immigrated to the United States at the age of 16.
- 1897-1899: Nordstrom struck gold in the Klondike Gold Rush.
- 1901 John W. Nordstrom and Carl F. Wallin opened a shoe store Seattle.
- 1971: the company went public on NASDAQ.
- 1975: Nordstrom acquired Northern Commercial Company which had stores in Seattle.
- 1976: Nordstrom opened Place Two in smaller markets.
- 1975: Company opened a clearance store called Nordstrom Rack in Seattle.
- 1983: Nordstrom closed the Place Two stores.
- 1991: Nordstrom opened Nordstrom National Credit Bank in Scottsdale, Arizona,
- 1993: Nordstrom opened a catalog store.
- 1999: company moved to the New York Stock Exchange.
- 2000: Nordstrom reorganized its banks as Nordstrom FSB (Federal Savings Bank).
- 2000: Nordstrom acquired the French store Façonnable SAS for $170 million.
- 2007: Norstrom sold Façonnable to a M1 Group, a Lebanese private equity firm, for €152.985m Euro (US$210m).
- 2011: Nordstrom acquired an Los Angeles based online retailer called HauteLook.
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