Nordstrom Considering Options for $2 Billion Credit Card Business
After faring better than expected with their first quarter financials, Nordstrom is now assessing options for a financial partner for their credit card portfolio.
Nordstrom is the largest luxury department store chain in the country The company’s credit card business is valued at $2 billion.
The company put Goldman Sachs and Guggenheim Securities in charge of evaluating the deal. Nordstrom does not expect to create any new jobs or see a change in existing operations as a result of this deal. The company does not plan on releasing any further updates until the deal has been finalized.
The new credit card program would allow Nordstrom to maintain its current operations while giving customers the opportunity to pay off their purchases over time.
Revenue for the first quarter was at $2.84 billion, up from $2.6 billion last year. These numbers fell just shy of the estimated $2.86 billion. Shares of Nordstrom were up 11% as well.