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Why Nordstrom, Inc. Stock Popped Today

TheMotleyFool

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Why Nordstrom, Inc. Stock Popped TodayPhoto, wide shot, wide-angle lens, Department store, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/57f223bf-67a0-476b-94dd-76010fccb266.png

Shares of Nordstrom, Inc. (NYSE: JWN) were gaining today after the department store chain took another step closer to going private. According to CNBC, the company was close to a deal with private equity firm Leonard Green, which would provide about $1 billion in equity to the founding Nordstrom family to help fund a takeover.

The family owns about 31% of the company today. The stock was up 6% as of 11:43 a.m. EDT on the news.

Image source: Nordstrom.

Source: Fool.com