The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United Sates — Upscale department store operator Nordstrom Inc 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, JPMorgan Chase & Co, Capital One Financial Corp and Toronto-Dominion Bank, 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.
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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 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.
By Kanika Sikka and Rohit T.K; Editor: Lisa Shumaker
Copyright (2014) Thomson Reuters. Click for restrictions
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.