It was just this past June that the Nordstrom Family had decided to take the retailer private but there wasn’t much success in trying to do so.
On Monday Nordstrom Inc. announced that it is suspending its efforts to take the company private after facing hurdles in obtaining financing.
The company announced that the controlling members of the Nordstrom family will renew a review of its operations after the holiday season.
In another filing, the family had noted the “difficulty of obtaining debt financing in the current retail environment prior to the conclusion of the approaching holiday season,” as to why the efforts have been suspended.
Nordstrom also said that it “will remain focused on running the business and delivering the best shopping experience for customers.”
Shares of the stock crumbled after the announcement was made.
Disclaimer: We have no position in Nordstrom, Inc. (NYSE: JWN) and have not been compensated for this article.