Nordstrom Family Has Lofty Goal Of Striking A Go-Private Deal Before Earnings On Thursday
Nordstrom’s founding family group hopes to seal a deal to take the company private before it reports earnings next Thursday, sources told CNBC, though cautioning that goal may be lofty. The department store chain has met with investment banks to discuss financing for a new bid, said the sources, who requested to remain anonymous because the talks are private. The sources also cautioned that timing may change and it remains a challenging environment for financing. Nordstrom has yet to put together a financing package, they said. Nordstrom’s stock soared more than 6 percent Friday afternoon on an initial report from Reuters that the department store chain was finalizing its take-private offer. Nordstrom declined CNBC’s request for comment. Going private remains a desirable course for at least some of Nordstrom’s family members. The public market has been punishing to all retailers, hindering them from making many of the moves necessary to readjust to the changing retail landscape. For Nordstrom and others, these include costly e-commerce investments and the need to realign stores. Read more at CNBC.
