The Nordstrom family may be close to nearing a deal to bring the company private. Sources told CNBCthe Nordstrom family is leaning toward a partnership with private equity firm Leonard Green to assist its bid to take the department store private.
Leonard Green would provide the Nordstrom family members with roughly $1 billion in equity to help fund the deal, the sources said. The family group, owns 31.2 percent of the 116-year-old retailer, has been in talks with Leonard Green & Partners LP, Apollo Global Management LLC and KKR & Co LLP, according to Reuters. The deal between Nordstrom and Leonard Green has not been finalized.
The department store retailer's online sales growth was up 20-27% for its various websites in its second quarter 2017. It ended the quarter with total sales growth of 3.5% and comp increase of 1.7%, which the retailer attributed to its digital businesses. Through its ongoing efforts to elevate the digital experience, Nordstrom expects its online penetration to exceed 25% by the end of the year.
The retailer will also open a new 3,000-square-foot store with no merchandise in West Hollywood on October 3, as it pushes to evolve with changing shopping habits. Nordstrom Local store has no dedicated inventory, but packs plenty of experiences. Customers will be able to have online orders hand-delivered to their cars or access personal stylists and get alterations and a manicure—all while enjoying a glass of wine or beer.