8-K

                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549


                                   FORM 8-K


                           CURRENT REPORT PURSUANT
                         TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


      DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) February 26, 2007


                                NORDSTROM, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


        WASHINGTON                 001-15059                     91-0515058

(STATE OR OTHER JURISDICTION    (COMMISSION FILE           (I.R.S. EMPLOYER
      OF INCORPORATION)              NUMBER)             IDENTIFICATION NO.)


             1617 SIXTH AVENUE, SEATTLE, WASHINGTON      98101
            (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)   (ZIP CODE)


      REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE  (206) 628-2111


                              INAPPLICABLE
         (FORMER NAME OR FORMER ADDRESS IF CHANGED SINCE LAST REPORT)


  Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2 below):


  ___  Written communications pursuant to Rule 425 under the Securities Act
       (17 CFR 230.425)

  ___  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
       CFR 240.14a-12)

  ___  Pre-commencement communications pursuant to Rule 14d-2(b) under the
       Exchange Act (17 CFR 240.14d-2(b))

  ___  Pre-commencement communications pursuant to Rule 13e-4(c) under the
       Exchange Act (17 CFR 240.13e-4(c))







ITEM 8.01 OTHER EVENTS

On February 26, 2007, Nordstrom, Inc. placed disclosures on its website
regarding its securitization.

A copy of this disclosure is attached as Exhibit 99.1.























































SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

                                           NORDSTROM, INC.



                                           By:  /s/David L. Mackie
                                                -----------------------
                                                David L. Mackie
                                                Corporate Secretary

Dated: February 26, 2007










































EXHIBIT INDEX

EXHIBIT
NUMBER        DESCRIPTION

99.1      Nordstrom disclosures dated February 26, 2007 regarding its
securitization.

EX-99

                                                            Exhibit 99.1

February 26, 2007
- ---------------------
Nordstrom, Inc.
Change in Charge Card and Co-branded VISA Securitization Programs

Current program
Through our wholly owned federal savings bank, Nordstrom fsb, we offer a
private label charge card and two co-branded Nordstrom VISA credit cards.  The
private label charge card receivables are held in a trust, which may issue
third-party debt that is securitized by the private label receivables; the
private label program is treated as 'on-balance sheet', with the receivables,
net of bad debt allowance, and debt, if any, recorded on our balance sheet,
the finance charge income recorded in Other Income Including Finance Charges,
Net, and the bad debt expense recorded in Selling, General and Administrative
expense.

The co-branded Nordstrom VISA credit card receivables are held in a separate
trust (the VISA Trust), which may issue third-party debt that is securitized
by the co-branded Nordstrom VISA credit card receivables.  The co-branded
Nordstrom VISA credit card program is treated as 'off-balance sheet'.  We
record the fair value of our interest in the VISA Trust on our balance sheet,
gains on the sale of receivables to the VISA Trust and our share of the VISA
Trust's finance income in Other Income Including Finance Charges, Net.  As of
February 3, 2007, the VISA Trust had co-branded Nordstrom VISA credit card
receivables with a total face amount of $908.0 million and had outstanding two
series of notes held by third-parties: $200.0 million of 2002 Class A&B notes
that mature in April 2007 and $350 million of 2004-2 Variable funding notes
that can be renewed in August 2007.  In fiscal 2006, the co-branded Nordstrom
VISA credit card receivables had an average gross yield of 16.8% and average
annual credit losses of 5.7%.  The weighted average interest rate on the
third-party notes was 5.3%.

Upcoming Transactions
Following the repayment of the VISA Trust's $200 million notes in April 2007,
we plan to merge the private label charge card and co-branded VISA programs
into one securitization program.  The advantage of a combined program is that
it will provide us with greater future borrowing flexibility as we will be
able to borrow funds based on the outstanding balance of the combined
receivables, it is expected to lower our administrative costs, and will give
us one method of accounting for these similar programs - 'on-balance sheet.'

When we combine these programs, we plan to also increase our borrowing against
these combined receivables to approximately 80% of the combined receivables'
balance, which would increase the total securitization borrowings to a range
of $800 million to $900 million.

Financial statement implications for 2007
In the first quarter, the VISA Trust requires that cash receipts be used to
establish a pre-funding account to repay the 2002 A&B Notes; this pre-funding
balance reduces the overall yield in the VISA Trust, which is expected to
reduce our earnings by $7 million.

After we combine the securitization programs in April 2007, our investment in
the VISA Trust will be reclassified from available-for-sale securities to
receivables, at fair value with no allowance for credit losses.  Based on past
payment patterns, these receivables will be repaid within eight months.
During that time, we expect to record incremental bad debt write-offs and
certain finance charge income as an adjustment to the fair value of the
receivables acquired, reducing the yield of these receivables; these costs are
expected to be $16 million and will be recorded over the eight month repayment
period.  Following the recognition of the $7 million yield reduction in the
first quarter and the $16 million of other adjustments through the remainder
of 2007, the private label charge card receivables and the co-branded VISA
credit card receivables will be recorded at historical cost, net of bad debt
allowances, on our balance sheet.

As card-holders continue to use their co-branded VISA credit cards, new
receivables will be recorded.  Those new receivables will be recorded at
historical cost; as those receivables age, we will establish an allowance for
bad debts based on historical write-off experience.  We expect to record $25
million to $35 million of bad debt provision in Selling, General &
Administrative expense from these new receivables.  The classification of this
expense is different because these receivables are 'on balance sheet'; in the
past, the write-off experience was considered in our investment yield and
reflected in Other Income and Expense.  We do not expect the co-branded VISA
credit card receivable write-off experience to be impacted by the transition
in the accounting treatment, only the classification of this expense will
change.

As noted above, all debt issued by the combined trust will be recorded on our
balance sheet, so the related interest expense will be recorded in Interest
expense, net.  Currently, the interest expense of the debt issued by the VISA
Trust reduces our overall yield from our investment and is recorded in Other
Income Including Finance Charges, Net.  The new accounting treatment for this
debt is expected to increase our interest expense, net by $20 million to $25
million.

With the bad debt and interest expense impacts shifting out of Other Income
Including Finance Charges, Net, we expect our Other Income line item on our
earnings statement  to increase by $45 million to $55 million.

We expect our earnings before income tax to be reduced by $23 million for the
transition from fair value to historical cost.  The other earnings statement
classification changes associated with the accounting treatment for the
combined securitization program are not expected to impact our earnings before
tax.

    Certain statements contained in this disclosure constitute "forward-
looking" information (as defined in the Private Securities Litigation Reform
Act of 1995) that involve risks and uncertainties, including expected changes
to the company's securitization program, historical allowances for bad debt
relating to the company's credit card receivables and the company's
anticipated repayment of debt.  Actual future results and trends may differ
materially from historical results or current expectations depending upon
factors including, but not limited to, cash requirements of the company's
operations, the impact of economic and competitive market forces, trends in
personal bankruptcies and bad debt write-offs, changes in interest rates and
changes in government or regulatory requirements.  Our SEC reports, including
our Form 10-K for the fiscal year ended January 28, 2006, and our Form 10-K
for the fiscal year ended February 3, 2007, to be filed with the SEC on or
about March 23, 2007, contain other information on these and other factors
that could affect our financial results and cause actual results to differ
materially from any forward-looking information we may provide.  The company
undertakes no obligation to update or revise any forward-looking statements to
reflect subsequent events, new information or future circumstances.