Nordstrom Looks to Be Latest to Leave Credit Business

Upscale department store Nordstrom is reportedly looking for potential buyers for its private-label credit card portfolio. Joining fellow retailers Macy's and Target in unloading namesake store credit cards to banks, Nordstrom announced May 15 it will work with Goldman Sachs and Guggenheim Securities to search for a financial partner for its $2 billion credit card receivables, according to a Bloomberg News report. Macy's (under its then-parent Federated Department Stores) sold its credit card portfolio to Citigroup in 2005, and Target closed its credit card portfolio sale with TD Bank Group last year.