Department store chain Nordstrom announced on Thursday that members of the Nordstrom family are exploring the possibility of taking the company private, according to a company press release. Nordstrom did not immediately respond to requests from Retail Dive to comment further on the news.
The group considering the move includes: Company Co-Presidents Blake Nordstrom, Peter Nordstrom, and Erik Nordstrom, President of Stores James F. Nordstrom, Chairman Emeritus Bruce Nordstrom and Anne E. Gittinger. The group has retained Centerview Partners LLC to serve as its financial advisor and Sidley Austin LLP to serve as its legal counsel.
Although the company has not officially filed any proposal to take the company private and has made no guarantees it will do so, the company’s stock jumped 20% on Thursday morning following the news, CNBC reports.
Nordstrom’s move to explore taking the company private comes during an especially fraught time for upscale department store retailers.
For some time, Nordstrom was seen as the golden child of the space, seemingly immune to the struggles others faced. But like the other major players in the space, Nordstrom has been reporting weak sales for several quarters now, although it has avoided the mass store closures announced by the likes of Macy’s, Sears and J.C. Penney.