Nordstrom reportedly finalizing offer to go private
Nordstrom’s founding family group may be closer to its goal of taking the department store company private.
The group met with investment banks the week of Feb. 12 and is hoping to submit an offer as early as next month once the banks get the OK from their credit committees to provide the financing, Reuters reported. Details of the offer were not revealed.
The Nordstrom family, which owns 31.2% of the company’s shares, announced in June that it was considering taking the retailer private. It postponed the move in October, citing “the difficulty of obtaining debt financing in the current retail environment.” The family, which had been working with Leonard Green & Partners LP to provide equity financing on the deal, said it would resume efforts to take the company private after the holidays.
Nordstrom is set to report its report fourth-quarter earnings on March 1.
The group met with investment banks the week of Feb. 12 and is hoping to submit an offer as early as next month once the banks get the OK from their credit committees to provide the financing, Reuters reported. Details of the offer were not revealed.
The Nordstrom family, which owns 31.2% of the company’s shares, announced in June that it was considering taking the retailer private. It postponed the move in October, citing “the difficulty of obtaining debt financing in the current retail environment.” The family, which had been working with Leonard Green & Partners LP to provide equity financing on the deal, said it would resume efforts to take the company private after the holidays.
Nordstrom is set to report its report fourth-quarter earnings on March 1.