Shares of Nordstrom (JWN) are moving higher Tuesday afternoon as, according to a report from Reuters, the Nordstrom founding family is looking to take the company private. A similar effort was made in 2017, but was rejected by the board.
Yahoo Finance Reporter Alexandra Canal breaks down the latest development for Nordstrom and what it could mean for the company moving forward.
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Editor's note: This article was written by Nicholas Jacobino
Video Transcript
I'm watching shares of Nordstrom. The stock is popping today up about 9% as the founding family of the retailer looks to take the company private. That's according to a new report from Reuters. Reuters saying Nordstrom asked Morgan Stanley and Centerview Partners to reach out and gauge the interest from private equity firms for a potential deal. Although it's still possible, a deal could not happen.
It is worth noting that a similar effort was made from Nordstrom in 2018, and that was unsuccessful. Of course, this all comes as US retailers are grappling with consumers being a little bit more selective in their spending amid sticky inflation and high interest rates. We'll be keeping an eye at Nordstrom to see how the story unfolds.
