Nordstrom Says Founding Family Is Weighing Going Private [Financial Post (Toronto, Ontario, Canada)]
Nordstrom, Inc. (JWN)
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Nordstrom Inc.'s founding family has notified the board of its interest in taking the company private. The department-store chain formed a special committee to evaluate any proposal from Chief Executive Officer Erik Nordstrom and Pete Nordstrom, the company's president, the retailer said in a statement Thursday. Article content The shares rose 2% in extended trading. They had closed 4.4% higher after the Nordstrom family's interest was reported earlier by the Wall Street Journal. Article content Erik and Pete Nordstrom are “probably thinking that they need to take it private to do some significant changes to the business outside of public view to get the business back on track,” Morningstar analyst David Swartz said in a phone interview. “Nordstrom has not performed well since the pandemic.” The retailer's plan to expand its off-price Rack business faltered in 2021
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