The growth of e-commerce and Amazon.com Inc. (Nasdaq: AMZN) has shaken up an already crowded retail sectors.
Some big players such as Best Buy (Nasdaq: BBY), Macy’s (NYSE: M), Target (NYSE: TGT) and Wal-Mart Stores Inc. (NYSE: WMT) have responded by trying to match Amazon’s deliveries and shipping costs.
Another big player — Nordstrom (NYSE: JWN) — is looking to go private.
A breaking story today from CNBC says members of the Nordstrom family are working on a deal with private equity firm Leonard Green & Partners to raise $1 billion as part of a bid to take the department store chain private.
It could take as much as $8 billion for the founding family to take Nordstrom private, according to CNBC and MarketWatch. The Nordstrom family owns 31 percent of the retail company, according to CNBC.
Changes in consumer behavior — including e-commerce and bargain hunts — coupled with crowded segments have put pressure on the struggling chains such as Sears (Nasdaq: SHLD) and J.C. Penney (NYSE: JCP) as well as mall and shopping center landlords.
Shares of Nordstrom were up 8.77 percent after hours on the going-private report from CNBC. Nordstrom closed at $45.05 today, according to Google Finance.
The retail stock is down 6 percent so far this year.