Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Nordstrom Approaches Potential Buyers For Its Credit Cards Sale: Bloomberg

[May 24, 2014]  (Reuters) - Upscale department store operator Nordstrom Inc <JWN.N> is reaching out to potential buyers for its store-branded credit cards, Bloomberg reported on Friday, citing sources familiar with the matter.

Nordstrom has approached Citigroup Inc <C.N>, JPMorgan Chase & Co <JPM.N>, Capital One Financial Corp <COF.N> and Toronto-Dominion Bank <TD.TO>, among other companies to test interest in its credit cards, the report said.

The company, which has yet to set a date to solicit initial offers, is informally approaching buyers for the portfolio, Bloomberg said, citing one of the sources.

Nordstrom plans to reach out to other top issuers of credit cards and private-label cards, Bloomberg reported.

Nordstrom said on May 15 it was seeking a financial partner for its credit card receivables.

The company had said it was working with Goldman Sachs & Co and Guggenheim Securities LLC as financial advisors for a potential deal for its credit card portfolio, which totals about $2 billion.

Target Corp <TGT.N> had sold its consumer credit card portfolio to TD Bank Group for $5.7 billion in March 2013.

Nordstrom could not be reached for a comment beyond normal business hours.

(Reporting by Kanika Sikka and Rohit T.K. in Bangalore; Editing by Lisa Shumaker)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.