Erik and Pete Nordstrom, the CEO and President, respectively, of Nordstrom, want to explore a transaction that would take the company private. In response, the Nordstrom board of directors has authorized the “exploration of possible avenues to enhance shareholder value,” forming a special committee of independent and disinterested directors to evaluate proposals from the Nordstroms as well as potential other parties.
The Nordstrom board made clear that forming the committee was no guarantee that the department store retailer would pursue “any particular transaction or other strategic outcome,” according to a company statement. However, the committee has retained Morgan Stanley & Co. LLC and Centerview Partners LLC as financial advisers, and Sidley Austin LLP and Perkins Coie LLP as legal counsel.
The department store retailer previously tried to go private in 2017 in a deal that ultimately fell apart, according to CNBC. Nordstrom’s current plans to explore going private were first reported by Reuters in March 2024.
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