Nordstrom Rally Drives Department Store Names Higher
Nordstrom stated its intentions in June to go private and has been searching for a private-equity backer to support a transaction. It has previously held discussions with both Apollo Global Management LLC and KKR & Co.
A rally in Nordstrom Inc. (JWN) - Get Report shares gave rise to fellow department store chains on Wednesday, Sept. 13.
Nordstrom jumped more than 5% on Wednesday following a report that said family members, who are executives of the department store, were nearing an agreement with private-equity firm Leonard Green & Partners to assist in a buyout of the retail giant.
As part of the agreement, Leonard Green would give the Nordstrom family members, who own roughly 31.2% of the company, about $1 billion in equity to help fund the transition, CNBC reported. The deal with Leonard Green hasn't been finalized, and other parties may still emerge and begin their own discussions.
J.C. Penney Co. Inc. (JCP) - Get Report , Dillard's Inc. (DDS) - Get Report , Macy's Inc. (M) - Get Report , Kohl's Corp. (KSS) - Get Report and Sears Holdings Corp. (SHLD) were all higher on Wednesday. The S&P Retail SPDR ETF (XRT) - Get Report added 1%.
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