Big day for the retail sector! On Tuesday, in the extended trading session, shares of Nordstrom, Inc. (NYSE:$JWN) soared. Why? It all happened after a report surfaced that the retailer is taking the steps to go private. Nordstrom shares, which increased more than 10% after the report, were last up 7.7% at $48.52 after hours, which followed a 0.7% rise in the regular trading session.

On Tuesday, CNBC reported that Nordstrom family members were on the verge of choosing Leonard Green & Partners, a private-equity firm, to help fund roughly $1 billion for a buyout. At the close, Nordstrom had a market capitalization of $7.49 billion.

According to reports, the Nordstrom family is talking to banks in order to secure up to $8 billion to finance the deal. And according to FactSet, Nordstrom family members own roughly 30% of outstanding shares.

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Author Caroline Harris

About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.