Nord­strom plays the long game

Sixth full-line store to open at Sher­way Gar­dens

Metro Canada (Toronto) - - TORONTO -

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.

TorsTar News ser­vice

Open­ing day drew a crowd to the Nord­strom store at the Ea­ton Cen­tre last year.

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