Nordstrom Pulls Plug on Gift-Giving Service Wantful
Physical gift-giving site Wantful — a joint venture with Nordstrom — was forced to suspend operations on Monday. Nordstrom and Wantful formed the joint gift venture earlier this year, but Wantful recently lost a planned follow-up investment. Nordstrom put up $100,000 in last-minute cash to help ease the blow to the 16 Wantful employees who would be losing their jobs. "What we didn't accomplish yet, both by circumstance and execution, is the kind of highly accelerated growth required to secure later-stage venture capital, despite the enduing enthusiasm around what we've built," Wantful Founder and CEO John Poisson wrote.