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Nordstrom nears deal to sell Faconnable unit: WSJ
NEW YORK (Reuters) - Upscale department store chain Nordstrom Inc. (JWN.N) is near a deal to sell its Faconnable apparel and retail line to M1 Group, a private group in Beirut, Lebanon, according to sources, the Wall Street Journal reported on Thursday.
Nordstrom plans to sell the unit for slightly more than $200 million, according to a person familiar with the negotiations, the article on the Wall Street Journal Web site said.
Nordstrom operates four free-standing Faconnable stores in the United States, including a flagship in New York City's Rockefeller Center, and 36 Faconnable boutiques in Europe, according to the report.
