Nordstrom puts efforts to go private on hold
Nordstrom is not going private — at least not this year.
Nordstrom said Monday that its controlling family members have suspended active efforts, for the remainder of the year, to take the department store company private.
Nordstrom said the family members (company co-presidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B. Nordstrom, president of stores James F. Nordstrom, chairman emeritus Bruce A. Nordstrom, and Anne E. Gittinger – the “group”) intend to continue their efforts to explore the possibility of having the retailer go private after the conclusion of the holiday season. In the meantime, the company and its employees “will remain focused on running the business and delivering the best shopping experience for customers.”
In June, Nordstrom announced that members of the Nordstrom family, who own approximately 31.2% of the company’s stock, had formed exploratory group to research the possibility of taking the company private. In recent weeks, however, reports said the effort had stalled over financing difficulties, with lenders becoming more cautious amid today’s unstable retail climate.
Report: Sears Canada gets court approval for liquidation
After 65 years in business, Sears Canada is officially closing its doors.
The long-struggling department store chain won court approval to begin liquidating all its remaining assets starting Oct. 19. The move will affect 12,000 employees, according to Reuters.
According to the report, the approval was granted by the Ontario Superior Court of Justice, which also extended creditor protection for Sears Canada to Jan. 22, 2018. The public liquidation sales are set to end on Jan. 21, 2018.
In June, Sears Canada filed for protection from its creditors and announced it would be restructuring under Canada’s Companies’ Creditors Arrangement Act. At that time, the company got court approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group’s business, assets and/or leases, and to implement one or a combination of proposals.
Sears Canada received and implemented going concern transactions for various lines of business. Despite exhaustive efforts, no viable transaction for the retailer to continue as a going concern was received.
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Discount giant commits to another relief initiative
Walmart is reaching out to those impacted by the wildfires in California.
Walmart and the Walmart Foundation have committed up to $250,000 in support of ongoing relief efforts to affected communities in California. This includes funding for non-profit grants supporting the American Red Cross and Salvation Army’s shelter and feeding efforts, as well as in-kind product donations to support first responders.
Walmart operates more than 300 retail facilities in California, which are supported by over 90,000 associates. Walmart also supports local businesses, and spent $24.5 billion with California suppliers in fiscal year 2016. This supported 212,055 California supplier jobs, according to the retailer.
“As with the devastating fires in Clearlake last year, Walmart is committed to supporting communities in California in times of need,” said Angela Wilson, Walmart regional general manager. “By providing product, support and donations to both first-responders and local nonprofits, we will be able to provide help in the short-term and the recovery period after the fires, and we’re proud of our associates who are volunteering their time to help our community get back on its feet.”
These funds are in addition to $40 million that the discount giant has already donated to support relief efforts for those in the United States and Puerto Rico affected by the devastating 2017 hurricane season.