Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
family members are struggling to cobble together the financing to support their attempt to take the eponymous department store private, people familiar with the matter said Monday.
The Nordstrom family is working with private equity firm Leonard Green to provide equity financing on the deal, CNBC earlier reported, but it will need bank support for the debt financing. It will need both equity and debt financing before it can submit a bid to the independent special committee it has appointed to review any offer.
Banks have become skittish as the retail landscape has worsened. They are wary of difficulties in syndicating the debt, reminiscent of banks' struggles with Sycamore Partners' $3 billion purchase of department store operator Belk Inc.
Leonard Green, on the other hand, likewise has limits in the amount of equity it is willing to put in and the debt financing rate it is willing to swallow, the sources said.
The longer the deal takes to be signed, the closer the banks get to the unpredictable holiday season — a critical sales period — which can make it harder to put together a deal, the sources said.
The talks are ongoing, said the sources, though the chances of a deal have decreased over the last two weeks.
Nordstrom and Leonard Green did not immediately respond to requests for comment.
The New York Post first reported on the challenges.
The Nordstrom family group, which owns 31.2 percent of the 116-year-old retailer, said in June it was looking to take private.
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.