Seattle-based Nordstrom sank more than 6% after insiders said talks to take the retailer private could be in danger of failing, according to the New York Post. Banks have reportedly been reluctant to fund the deal due to expectations for a weak holiday season. The bankruptcy filing of Toys 'R' Us in September also fueled worries over the health of the retail sector.
The Nordstrom family announced it was exploring a possible buyout in June and was said to be nearing a deal with private-equity firm Leonard Green & Partners last month.
Fellow retail chains such as J.C. Penney Co. (JCP) - Get J. C. Penney Company, Inc. Report , Kohl's Corp. (KSS) - Get Kohl's Corporation (KSS) Report , Macy's Inc. (M) - Get Macy's Inc Report , TJX Cos. (TJX) - Get TJX Companies Inc Report and Gap Inc. (GPS) - Get Gap, Inc. (GPS) Report were all lower on Monday. The S&P Retail SPDR ETF (XRT) - Get SPDR S&P Retail ETF Report decreased 0.7%.
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