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Nordstrom Heirs May Take Retailer Private

SEATTLE—The news caused a spike in the department store chain's share prices, which have been down since the beginning of 2017.

By Paul Bubny | paulbubny | Updated on June 08, 2017

Exterior of Nordstrom Rack store A Nordstrom Rack location in downtown Seattle. Rack locations now comprise 221 of the retailer’s 3454 brick-and-mortar stores.

SEATTLE—Shares of Nordstrom Inc. were up sharply Thursday morning following the retailer’s announcement that members of the Nordstrom family were considering taking the company private. The Nordstrom family group would acquire all outstanding shares of the company’s stock and is not interested in selling the retailer to third parties, according to regulatory filings. Nordstrom Inc. has a market capitalization of about $6.8 billion.

The group, which hasn’t made any proposals as yet, is comprised of Blake W. Nordstrom, Peter E. Nordstrom and Erik B. Nordstrom, the company’s co-presidents; president of stores James F. Nordstrom; chairman emeritus Bruce A. Nordstrom; and Anne E. Gittinger; and collectively owns 31.2% of the company’s stock. The Nordstrom Inc. board of directors has formed a special committee to act on the company’s behalf, retaining Centerview Partners LLC to serve as financial advisor and Sidley Austin LLP to serve as legal counsel.

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