Shares of Nordstrom saw gains on Wednesday after a CNBC report indicated that the Nordstrom family group could be closer to going private.
The report said the family is closing in on a deal with a private equity firm that would help take it private.
The 116-year old department store company’s family members had chosen Leonard Green & Partners to help fund a buyout of the company according to sources familiar with the situation.
The sources said that Leonard Green would provide the Nordstrom family members with about $1 billion in equity to help fund the deal.
It was only in June that the family had said it was considering taking the company private.
No deal has yet to be finalized.
Disclaimer: We have no position in Nordstrom, Inc. (NYSE: JWN) and have not been compensated for this article.