Nordstrom rejects buyout deal from Nordstrom family

NEW YORK (AP) — Nordstrom, the department store operator, says it rejected a buyout deal from members of the Nordstrom family, calling the offer “inadequate.”

The family members, including co-presidents Blake, Peter and Erik Nordstrom, offered $50 in cash for each share of the company. The family has about a 30 percent stake in the company.

A special committee for the company’s board of directors says it rejected the offer and says it will stop discussions with the family members unless they can increase the price.

Shares of Seattle-based Nordstrom Inc., which closed at $51.90 on Monday, fell 3 percent in extended-trading.