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May 26, 2014

Nordstrom reportedly approaching potential buyers for its credit cards sale

Nordstrom, an upscale department store operator in the US, is reportedly approaching potential buyers of its $2bn credit card receivables portfolio.

By Verdict Staff

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.

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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