Headlines

Nordstrom to Potentially Go Private

The apparel department store expects sluggish figures for 2024.

Published

2 years ago

March 27, 2024

INSTORE Staff

PHOTO: ISTOCKPHOTO

Management and members of the Nordstrom family are reportedly considering taking department store Nordstrom (Seattle) private amid sluggish sales, according to an exclusive report from Reuters.

The members of the Nordstrom family are in contact with financial organizations Morgan Stanley and Centerview Partners to possibly take the company private. Nordstrom reportedly is looking to gauge the interest of private-equity partners. After this news was reported, the company’s share price increased 12 percent.

Known for its array of apparel brands and as a staple in American malls, Nordstrom had a two percent increase in fourth quarter sales – a modest figure when compared to fourth quarter sales of previous years for the company. Earlier this month, CEO Erik Nordstrom said the company expects disappointing revenues for 2024 – with a final figure between just a 1 percent increase to a 2 percent decrease.

Nordstrom and Morgan Stanley both declined a request for comment from Reuters.

Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson

When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren. For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish. "Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful." The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing." Smith's recommendation is emphatic: "I would never be able to do what they did by myself."