Connect with us

Headlines

Nordstrom to Evaluate Founding Family’s Plan to Go Private

Move advocated by retailer’s CEO, president.

mm

Published

on

Nordstrom to Evaluate Founding Family’s Plan to Go Private
PHOTO: ISTOCKPHOTO

Verifying reports that first began circulating three weeks ago, luxury department store chain Nordstrom (Seattle) says it is exploring taking the company private at the behest of founding family members Erik and Pete Nordstrom, its CEO and President, respectively.

As part of the Nordstrom board’s most recent evaluation of its operations, it authorized the exploration of possible avenues to enhance shareholder value. During this process, the two Nordstroms “notified the Board of their interest in pursuing a potential transaction pursuant to which Nordstrom would become a private company,” the retailer said in a news release.

In response, the board formed a special committee of independent and directors to evaluate any proposal from the Nordstroms, as well as any proposals from other parties.

The special committee has retained Morgan Stanley & Co. LLC and Centerview Partners LLC as financial advisors and Sidley Austin LLP and Perkins Coie LLP as legal counsel.

“There can be no assurance that the company will pursue any particular transaction or other strategic outcome, or that a proposed transaction will be approved or consummated,” the company statement noted. The company also said it does not intend to disclose further developments regarding this matter “unless and until further disclosure is determined to be appropriate or necessary.”

Nordstrom Inc. stock currently trades on the New York Stock Exchange. It operates more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations.

Advertisement

Advertisement

SPONSORED VIDEO

She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”

Promoted Headlines

Most Popular