Nordstrom surges to highest price in a year on report it's finalizing plans to go private (JWN)

pulse

February 23, 2018 8:46 PM

Nordsom family group owns a majority of shares and has been trying for months to take the retailer private.

The Nordstrom family has been trying for months to leave the public markets, but struggled to find adequate debt financing.

Shares of Nordstrom spiked as much as 7% Friday, to a one-year high, after a Reuters report said management was finalizing plans to take the luxury retailer private before it releases earnings on March 1.

has been working for months to take the company private again

Much of the trepidation around the debt financing reportedly stemmed from the recent Toys R Us bankruptcy. The long-standing toy retailer was driven to that end amid the ongoing retail apocalypse, which has seen emerging juggernauts like Amazon threaten the long-term future of traditional brick-and-mortar retailers.

With all those industry headwinds swirling, you can hardly blame financiers for shying away and electing to deploy their capital elsewhere — or not at all.

Shares have gained 17% in the past year.

Joe Ciolli contributed to this report.

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