Nordstrom Inc. (JWN) - Get Nordstrom, Inc. (JWN) Report seems to have finally done it. The founding family is finalizing plans to take the Seattle-based department store chain private, according to a Reuters report Friday citing anonymous sources.
The deal comes nearly five months after a buyout deal with Leonard Green & Partners LP failed to materialize. Nordstrom announced late last year that it would explore the possibility of privatization in early 2018.
The company met with investment banks last week and was hoping to submit an offer as soon as March, according to Reuters. It's unclear what investors or firm Nordstrom is working with on the privatization.
The October buyout fell through because Leonard Green could not secure the $1 billion in financing needed to complete the deal.
Nordstrom announced that it was considering going private last June, tapping Centerview Partners LLC's Jack Levy and Robert Pruzan as financial advisers. Its legal advisers were Brendan Bowes, Sylvia Shi, Thomas Cole and Imad Qasim.
Nordstrom could not be immediately reached for comment.
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