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
Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
