Nordstrom: The family wants to remove the signboard of the Exchange


(Reuters) – The founding family of Nordstrom is putting the finishing touches to a bid to withdraw from the Stock market the department store chain, reported on Friday sources close to the matter.

Nordstrom will publish its accounts for the fourth quarter of 2017 1 of march. The shares have gained nearly 30% since Thanksgiving, investors anticipating strong earnings.

The founders, who have a 31.2% share of the brand, have met investment banks last week and are hoping to formalise their offer as early as next month, once funding is provided, added the sources, who were not able to clarify the terms of the proposal.

Nordstrom, whose board of directors has formed a special committee to examine any offer from the founding family, has not responded to requests for comment.

The family Nordstrom, who teamed up with the funds Leonard Green & Partners, had declined to remove the case of the rating in October because of the difficulties to get a funding prior to the period of the festivals of end of the year.

The action Nordstrom won 6,54% on Wall Street.

The competitor Hudson’s Bay, owner of the brands Saks Fifth Avenue and Lord Taylor, has also considered withdrawing from the Stock market in the past year, but the thing is not gone further.

(Greg Roumeliotis and Harry BrumptonWilfrid Exbrayat for the French service)

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