Nordstrom family tries again to take department store private, forms special committee

Nordstrom family tries again to take department store private, forms special committee


A sign marks the location of a Nordstrom store in a shopping mall on March 20, 2024 in Chicago, Illinois. 

Scott Olson | Getty Images

The Nordstrom family is once again considering taking the department store private and has formed a special committee to evaluate bids, it announced on Thursday. 

CEO Erik Nordstrom and president Pete Nordstrom recently told the company’s board of directors that it’s interested in pursuing a take private deal for the 123-year-old department store, Nordstrom said in a news release. 

As a result, the board formed a special committee of independent and disinterested directors who will evaluate proposals from the two Nordstrom brothers and any others from outside parties. 

The company said that Nordstrom’s board “is committed to enhancing shareholder value” and the committee will determine if any potential bids are in the best interest of the company and its owners. 

The department store warned that there’s no assurance a deal will happen or be approved. 

In 2017, private-equity firm Leonard Green & Partners came close to taking the company private but the deal ultimately fell apart. 

At the time, management was hoping going private would allow it to make the investments it needed to help it adapt to a shifting retail landscape without the constant scrutiny that comes with a public company. 

The announcement comes as department stores face an uncertain future and grapple with declining sales. Many of the brands that have long relied on department stores to drive their revenue are now focusing on their own stores and websites and are less interested in working with wholesalers. 

Nordstrom’s interest in going private was first reported by Reuters last month. Shares rose about 2% in extended trading after the news was announced and are up about 1.5% year to date, as of Thursday’s close.



Source

A rare platinum Rolex is heading to auction and could fetch .7 million
Business

A rare platinum Rolex is heading to auction and could fetch $1.7 million

A rare 1999 platinum Rolex Daytona featuring a mother-of-pearl dial with diamond hour markers — one of only four known to exist. Courtesy of Sotheby’s A legendary timepiece is about to step into the spotlight. A 1999 platinum Rolex Daytona is heading to auction on Sunday at Sotheby’s Geneva, and could sell for up to […]

Read More
Newark air traffic controllers lost contact with planes again in overnight outage
Business

Newark air traffic controllers lost contact with planes again in overnight outage

A man stands outside Terminal C with the airport control tower in the background at Newark Liberty International Airport, on May 6, 2025 in Newark, New Jersey. Andres Kudacki | Getty Images Air traffic controllers who guide planes in and out of Newark Liberty International Airport lost radar and communication with aircraft before dawn on […]

Read More
ESPN will call its forthcoming flagship streaming app simply ‘ESPN,’ sources say
Business

ESPN will call its forthcoming flagship streaming app simply ‘ESPN,’ sources say

A general view of the ESPN logo on a camera at Simmons Bank Liberty Stadium in Memphis, Tennessee, on April 6, 2024. Wes Hale | UFL | Getty Images At long last, ESPN has chosen a name for its upcoming all-access streaming service. Ready? It’s “ESPN.” Disney’s sports media division will announce the new — […]

Read More