Nordstrom, an upscale department store operator in the US, is reportedly approaching potential buyers of its $2bn credit card receivables portfolio.
According to Bloomberg, Seattle-based Nordstrom has approached Citigroup, JPMorgan Chase, Capital One Financial and Toronto-Dominion Bank, among other companies.
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Sources familiar with the matter told Bloomberg that Nordstrom is collaborating with Goldman Sachs Group and Guggenheim Partners to find a "financial partner" for its credit cards in the next 12 to 18 months.
Additionally, the company is planning to reach out to other top issuers of credit cards and private-label cards to gauge their mood.
According to the publication, the divesture of credit card business could yield nearly $2bn for Nordstrom, or a price equal to the value of its outstanding receivables.
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