Nordstrom family suspends attempt to take retailer private

Retail Reuters

People walk past the Nordstrom Rack store, in New York's Union Square, May 21, 2010. REUTERS/Chip East/File Photo (Copyright Reuters 2016)

Oct 16 (Reuters) - Nordstrom Inc. (JWN) said on Monday its founding family had suspended attempts to take the upscale retailer private for the rest of the year due to difficulties in arranging funds for the deal ahead of the holiday season.

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The company's shares dropped about 6 percent in premarket trading.

Nordstrom said its founding family planned to continue their efforts to take the company private after the holiday season.

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Nordstrom had said in June that some members of its founding family were considering taking the company private as it struggles with an industry-wide sales slowdown.

(Reporting by Siddharth Cavale in Bengaluru; Editing by Savio D'Souza)

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