According to a recent Reuters report, Nordstrom’s founding family group is finalizing plans to submit an offer to take the U.S. department store retailer private.
The group reportedly has met with investment banks and plans to submit an offer as early as next month once the banks get approval from credit committees to provide the financing, according to sources in the report.
The Nordstrom family group, which has partnered with buyout firm Leonard Green & Partners, had suspended a previous attempt to take the company private in October because of difficulties in arranging debt financing for its bid ahead of the holiday shopping season. Nordstrom’s family group is said to own 31% of the retailer
Nordstrom has previously announced the formation of a special committee of its board of directors to consider any offer received from the family group.