Nordstrom Inc. (JWN) 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.

Nordstrom is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells JWN ? Learn more now.

More from Mergers and Acquisitions

Sprint Looks Buyable Ahead of the T-Mobile Merger

Sprint Looks Buyable Ahead of the T-Mobile Merger

Expect Less M&A in 2019 as Big Year Comes to a Close

Expect Less M&A in 2019 as Big Year Comes to a Close

These 3 Marijuana-Related Stocks Are Ripe for Takeover

These 3 Marijuana-Related Stocks Are Ripe for Takeover

Tech M&A Actions Shows No Signs of Abating

Tech M&A Actions Shows No Signs of Abating

Slogging Through the Deep-Value Valley With Valhi and NL Industries in Tow

Slogging Through the Deep-Value Valley With Valhi and NL Industries in Tow