Shoppers exit Nordstrom at Westfield Topanga shopping center in Canoga Park, California on August 14, 2023.
Christina House | Los Angeles Times | Getty Images
Nordstrom Shares closed 9% higher on Tuesday after news that the department store chain is seeking to trade privately.
The retailer’s founding family collaborates Morgan Stanley and investment bank Centerview Partners to determine whether private equity firms are interested in a deal, Reuters reported, citing people familiar with the matter. Morgan Stanley declined to comment.
According to Reuters, there could be no deal. A previous attempt to take Nordstrom private failed in 2018.
Nordstrom has struggled to boost sales in a competitive retail environment where consumers, pressured by inflation, are watching their spending on clothing and other consumer goods. Earlier this month, the company gave a gloomy revenue outlook for 2024.
Nordstrom said it expects full-year sales to fall 2% to a 1% increase starting in 2023.
Before Tuesday’s move, shares of the company had fallen about 7% this year.
Nordstrom did not immediately respond to CNBC’s request for comment.
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2024-03-19 20:25:55
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