Trump to sell Nordstrom department stores to Walmart
Donald Trump is expected to announce on Tuesday that he will sell Nordys Nordstrom stores to a company that makes clothing and home goods at the discount department store chain.
Trump, the president-elect, said in a tweet that he plans to use the proceeds from the sale to help pay for his campaign and to help create jobs.
In a statement, Nordstrom said it is “excited to announce that Donald J. Trump will be our first and sole owner of the iconic Nordstrom brand.”
Trump’s tweet is part of a wider effort by Trump to transform the company into a global retailer, a strategy that has been a major challenge for the retailer, which has been beset by a number of problems over the past decade.
Earlier this month, the company filed for bankruptcy protection after a bankruptcy court in California said it could not repay $2 billion of debt.
Nordstrom has faced numerous setbacks in recent years, including a $1 billion lawsuit by customers over the company’s sale of Ivanka Trump’s clothing line in 2017.
The retailer has been struggling to survive, and its stock has been down nearly 12 percent this year.
In the latest filing, Nordys said it will sell about 20 percent of its remaining stores in the United States, including more than 40 stores in California.
Trump’s purchase of Nordys could bring the total value of the deal to about $30 billion.
Nordys stock is down more than 70 percent since he took office in January.
In addition to Trump, Ivanka Trump will serve as president of the company.
Nordes chief executive, Thomas R. Barrack, has been leading efforts to build a global brand and diversify into more sectors.
Barracks has already taken steps to diversify the company by investing in clothing and consumer products.
He has also created an office for Ivanka Trump in the White House.