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Nordstrom family mulls taking the company private

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Apr 18, 2024
Nordstrom sign on building

Photo: Scott Olson/Getty Images

Members of Nordstrom's founding family are interested in taking the storied luxury department store chain private.

Why it matters: Department stores are under pressure to increase shareholder value amid shifting consumer habits and a pullback in discretionary.

Zoom in: CEO Erik Nordstrom and president Pete Nordstrom notified the board of their interest in pursuing the move.

  • The company formed a special committee of independent directors to explore a range of alternatives, including a potential sale.
  • It will evaluate the executives' proposals as well as that of other parties.
  • The company hired Morgan Stanley and Centerview Partners as financial advisors. Sidley Austin and Perkins Coie are providing legal counsel.

💭 Our thought bubble: The take-private route is increasingly alluring to family-owned enterprises as regulatory and reporting requirements make navigating public markets more difficult.

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