Nordstrom family members have suspended their effort to put together a buyout offer for the Seattle-based retailer, citing “the difficulty of obtaining debt financing in the current retail environment prior to the conclusion of the approaching holiday season.”

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Nordstrom family members have suspended their effort to put together a buyout offer for the Seattle-based retailer, citing “the difficulty of obtaining debt financing in the current retail environment prior to the conclusion of the approaching holiday season.”

Led by chairman emeritus Bruce Nordstrom, the group disclosed in June its plan to take the company private by buying out the publicly traded shares.

While the group owns 31.3 percent of Nordstrom’s shares, such a move would require billions in additional financing, most likely in the form of debt. The suspended effort was disclosed in a regulatory filing Monday.

Nordstrom shares closed down nearly 5.3 percent Monday, falling $2.25 to $40.40. That put the stock almost exactly where it had been before the buyout plan was announced June 7, sparking a 14 percent surge that day.

In recent weeks reports said the Nordstrom group was in discussions with private equity firms, among them Leonard Green & Partners, that might have supplied some of the funding.

But widespread financial troubles in the retail sector have made potential lenders skittish about funding big retail deals. The New York Post, which reported Oct. 2 that the family group’s hunt for financing was running into trouble, cited the September bankruptcy of Toys R Us as the latest example.

A special committee of Nordstrom board members formed to consider any offer from the company said early Monday it’s been told the family group “intends to continue its efforts to explore the possibility of making a going private proposal after the conclusion of the holiday season.”

“In the meantime, the company and its employees will remain focused on running the business and delivering the best shopping experience for customers,” the committee said.

The crucial holiday season can make or break a retailer’s year. Analysts have said it might be difficult to sell the debt securities needed for such a buyout in the midst of the holiday season when its outcome remains unclear.

Also, if the company’s turnaround efforts show progress during the holidays, it might be easier in 2018 to persuade lenders to risk billions on the buyout.