Nordstrom approaches potential buyers for its credit cards sale: Bloomberg

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Upscale department store operator class="mandelbrot_refrag">Nordstrom Inc ( id="symbol_JWN.N_0">JWN.N) is reaching out to potential buyers for its store-branded credit cards, Bloomberg reported on Friday, citing sources familiar with the matter.

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Nordstrom has approached class="mandelbrot_refrag">Citigroup Inc ( id="symbol_C.NC.N), class="mandelbrot_refrag">JPMorgan Chase & Co ( id="symbol_JPM.NJPM.N), class="mandelbrot_refrag">Capital One Financial Corp ( id="symbol_COF.NCOF.N) and Toronto-Dominion Bank ( id="symbol_TD.TOTD.TO), among other companies to test interest in its credit cards, the report said.

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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.

 
 
 
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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.

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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 ( id="symbol_TGT.N_5">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 class="mandelbrot_refrag">business hours.

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

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