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Sard Verbinnen & Co. is handling news that Nordstrom family members have put on hold plans to purchase the 70 percent stake of the department-store chain that they do not already own. The go-private bid is now on hiatus until after the Christmas season.
A special committee of independent Nordstrom directors advised by Centerview Partners and Sidley Austin says it stands ready to review any potential offer by the family.
The Nordstrom family led by company co-presidents Peter, Blake and Erik proposed in June a $10B go-private scheme, which would have included a financial infusion from Leonard Green Partners private equity firm.
The Wall Street Journal reported that the proposed transaction hit choppy waters as the takeover group had trouble raising debt at manageable rates.
The retail sector also took a major hit with the recent Chapter 11 filing of Toys R Us and weak sales performances at department stores Macy’s and JCPenney.
Nordstrom’s second-quarter ended July 29 revenues dropped 3.8 percent to $3.8B on a 0.6 dip in net to $110M.
Sard Verbinnen & Co.’s Meghan Gavigan and Patick Scanlan rep Nordstrom’s special committee.
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