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A Nordstrom sign at a mall in Indianapolis. Darron Cummings / AP

The Nordstrom family is nearing a deal to procure about $1 billion in backing from private equity firm Leonard Green in a step toward buying out its department store chain, per CNBC.

  • What's needed: The Nordstroms already own 31.2% of the brand, but they'll need to pull together $7 to $8 billion from banks to finance the deal.
  • Why they want to go private: The family wants to start backing some ideas — like stores without merchandise (think Warby Parker) and heavy investments in e-commerce — that might make investors wary. Taking the company private would sidestep those concerns.
  • What could go wrong: Department stores are viewed as a dying breed that come loaded with debt and overhead, making it possible that this deal could fall through.

Go deeper

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.