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.