Nordstrom family struggles to keep company buyout deal together
Rendering of the Nordstrom flagship store and its main entrance on 57th Street
Banks are wary they can’t sell debt before holiday sales season
The Nordstrom family is scurrying to come up with more equity to take the retailer private as it struggles to raise financing for what could be a $10 billion leveraged buyout.
The family had originally planned to put up its 31 percent stake in the company, which as of Aug. 1 was valued at $2.5 billion, and private-equity firm Leonard Green & Partners was to contribute another $1 billion in equity, the Wall Street Journal reported.
- New York
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