Nordstrom Slashes Prices, Inventory

Nordstrom Inc. is slashing prices on clothes, shoes and accessories by as much as 60% in the next week, the first early autumn sale since the company started selling apparel almost 40 years ago.

“We have too much inventory,” spokeswoman Brooke White said. The upscale retailer is cutting jobs and business became “much tougher” after the terrorist attacks, she said. Saks Inc. also said it’s trimming orders, and Levi Strauss & Co. said some customers canceled orders.