A Nordstrom sign is seen at a shopping mall in Brea, Calif. (Jae C. Hong/AP)

Nordstrom said that it will halt its pursuit of a takeover, until at least after the holiday shopping season. The luxury retailer's market cap climbed to nearly $7.8 billion last month on news that it was in talks with private equity firm Leonard Green & Partners, but now has fallen back to $6.7 billion.

Why it matters: Because it's a reminder that not all leveraged loans are originated equally. Bloomberg reports that lenders were tying a 13% interest rate to prospective Nordstrom notes, thus souring the deal. Not only were banks spooked by luxury retail, but also recent events like the Toys "R" Us bankruptcy and a drop in the price of PE-backed PetSmart bonds.

Go deeper: Dollar stores are thriving in rural America

Bottom line: "Nordstrom announced that the going-private transaction is on hold and that they'll revisit it after the holidays. I doubt it. When M&A transactions slow down, they tend not to get revived in such a short time. Part of that is financial and part of that is psychological." — Richard Kestenbaum, Triangle Capital

Go deeper

Updated 27 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 33,642,602 — Total deaths: 1,007,769 — Total recoveries: 23,387,825Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 7,191,061 — Total deaths: 205,998 — Total recoveries: 2,813,305 — Total tests: 103,155,189Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. Politics: 7 former FDA commissioners say Trump is undermining agency's credibility
  5. States: NYC's coronavirus positivity rate spikes to highest since June.
  6. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  7. World: U.K. beats previous record for new coronavirus cases.
  8. Work: United States of burnout — Asian American unemployment spikes amid pandemic

In photos: Deadly wildfires devastate California's wine country

The Shady Fire ravages a home as it approaches Santa Rosa in Napa County, California, on Sept. 28. The blaze is part of the massive Glass Fire Complex, which has razed 46,600 acres at 2% containment. Photo: Samuel Corum/Agence France-Presse/AFP via Getty Images

Some 18,700 firefighters are battling 27 major blazes across California, including in the heart of the wine country, where one mega-blaze claimed the lives of three people and forced thousands of others to evacuate this week.

The big picture: 8,155 wildfires have burned across a record 3.86 million acres, killing 26 people and razing almost 7,900 structures in California this year, per Cal Fire. Just like the deadly blazes of 2017, the wine country has become a wildfires epicenter. Gov. Gavin Newsom has declared a state of emergency in Napa, Sonoma, and Shasta counties.

Mike Allen, author of AM
Updated 3 hours ago - Politics & Policy

The first Trump v. Biden presidential debate was a hot mess

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

This debate was like the country: Everybody’s talking. Nobody’s listening. Nothing is learned. It’s a mess.

  • We were told President Trump would be savage. Turned out, that was a gross understatement. Even the moderator, Fox News' Chris Wallace, got bulldozed.

Why it matters: Honestly, who the hell knows?