Nordstrom Family to Offer Preferential Terms to Attract Potential Buyout Partner
A group of Nordstrom Inc (JWN) - Get Report family members seeking to take the upscale retailer private will offer preferential terms to potential equity partners willing to fund a buyout, Reuters reported.
The family's decision could suggest investors are wary of leveraged buyouts for department store chains, Reuters noted. Nordstrom's private equity-owned peer Neiman Marcus Group Inc has struggled with debt as online retail takes the place of flagship and anchor stores.
Insiders have said private equity firms Leonard Green & Partners LP, Apollo Global Management LLC (APO) - Get Report and KKR & Co (KKR) - Get Report are among those in talks with the Nordstrom family. The family has also reached out to sovereign wealth funds in a bid to raise $1 billion in equity from outside investors.
Nordstrom stock traded up over 3% shortly before Thursday's market close.
More of What's Trending on TheStreet:
- AstraZeneca Takeover Chatter Bubbles Up Again After Massive Drug Trial Disappointment
- Here's How You Can Get a Decent Job at Amazon on August 2
- Ford's Most Popular Pickup Truck Turns 100 Years Old on Thursday - Here's a Look Back
- How Amazon's Jeff Bezos Surpassed Bill Gates to Become the Richest Person on the Planet
