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.