Nordstrom plays the long game
Sixth full-line store to open at Sherway Gardens
Nordstrom is preparing to open its sixth full-line store in Canada, at Sherway Gardens on Friday, amid reports that the chain is close to choosing a firm to help it fund a buyout that will allow the publicly traded retailer to go private.
Nordstrom Inc.’s stock price rose after a CNBC report that private equity firm Leonard Green & Partners has offered to provide $1 billion US to help take the family business private.
The family announced in June that it wanted to go private to continue its turnaround plan outside the glare of public markets, giving them an op- portunity to test new concepts without triggering negative shareholder reaction.
According to one estimate, the move would require raising between $7 billion and $8 billion in debt to finance the deal.
Jamie Nordstrom, president of stores, declined to comment.
“As you can imagine, there is a lot of protocol around how those things work and so, my answer is, I have to refer you back to that (June) announcement,” said Nordstrom in an interview Monday about the new Sherway store.
Opening day drew a crowd to the Nordstrom store at the Eaton Centre last year.