The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions in its benchmark rate.Marketsread more
Investors should be careful not to buy or sell stocks based on last week's brief inversion of the yield curve in the bond market, CNBC's Jim Cramer warns.Investingread more
The service will be available on popular platforms such as Apple TV, Google Chromecast and Roku, but not Amazon's Fire TV.Technologyread more
"If he had brought all of his data to the SEC first, he would reap potentially, up to 30% of the potential recovery," says former SEC Chairman Harvey Pitt.Investingread more
Nordstrom family members are close to choosing private equity firm Leonard Green & Partners to help fund a buyout of the eponymous department store, people familiar with the matter said Tuesday.
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, which owns 31.2 percent of the 116-year-old retailer, said in June it was looking to take Nordstrom private. It has since been looking for a private equity partner to help support the deal and also held talks with KKR and Apollo.
The deal between Nordstrom and Leonard Green has not been finalized and other parties could make a move to disrupt the talks.
The family group is already talking to banks about raising between $7 billion and $8 billion in debt to finance the deal, and is hoping to submit a formal bid in the next couple of weeks, the sources said. Nordstrom has appointed an independent special committee to evaluate the offer.
Leonard Green has worked with Nordstrom before. The Los Angeles-based private equity firm has a stake in the British fast-fashion line Topshop, which has a partnership with the Seattle-based department store.
KKR and Apollo declined to comment. Nordstrom and Leonard Green didn't immediately respond to a request for comment.
The Nordstrom family is hoping that as a private company, Nordstrom will be able to make investments that help it adapt to the changing retail landscape without worrying about short-term shareholder reaction.
On Monday, Nordstrom announced it will roll out stores without merchandise, similar to concepts offered by e-retailers such as Bonobos and Warby Parker. Its stock slid as much as 5.4 percent to $43.59 on the news.
Other long-term initiatives for Nordstrom include investing in e-commerce, closing underperforming stores and investing in top locations, and expanding its successful discount shopping chain, Nordstrom Rack, according to a source familiar with the situation.
Still, a leveraged buyout of a department store is challenging in 2017. Several private equity backed-retailers have buckled under the weight of large debt loads that have hampered their ability to invest in e-commerce and adapt to the rapidly changing retail industry. Private equity-backed Payless ShoeSource and Gymboree filed for bankruptcy earlier this year, while Neiman Marcus is currently working with restructuring advisors.
Still, with the Nordstrom family likely to maintain control over the department store's operations, the potential take-private follows a different template than many of its peers.
Nordstrom has long been viewed as the jewel of the department store industry, with an affordable high-end price point that puts it between midtier Macy's and exclusive Neiman Marcus.
The company was quick to spot shoppers shifting to off-price retailers like TJ Maxx and Marshall's and put its efforts behind Nordstrom Rack, its own take on the category. Its investment into e-commerce helped it buck the industry trend last quarter of same-store sales declines.
Still, like all of its peers, it has seen its stock fall this year as investors question whether department stores can compete as shopping habits change.
Nordstrom operates 356 stores, including 121 full-line stores in the United States, Canada and Puerto Rico. Out of those, 221 are Nordstrom Rack stores.
Its Seattle flagship location, modeled after famous European department stores, has restaurants, bars and pop-up shops. Nordstrom is also working on a flagship location at 217 West 57th St., near Manhattan's Central Park.