MajorsMar 18, 2024
Claire’s to Launch in 4,400 Walgreens StoresMajorsMar 26, 2024
Nordstrom May Go Private, Says Report
The retailer previously turned down an $8.4 billion offer in 2018.
The Nordstrom Men’s Store in New York City. The Seattle-based retailer is looking to go private, according to sources quoted in a recent Reuters report.
New York—Nordstrom may soon go private as its founding family looks for a buyer, according to a Reuters report.
The Seattle-based department store chain attempted to go private in 2017, courting private equity firms, but turned down an $8.4 billion offer in 2018 due to the “low” price.
Nordstrom CEO Erik Nordstrom and other members of the Nordstrom family own about a 30 percent stake in the retailer.
Sources told Reuters this time around, the retailer reached out to Morgan Stanley and Centerview Partners, requesting the investment banks contact private equity firms about a potential deal.
Nordstrom and Morgan Stanley did not respond to a request for comment while Centerview Partners declined to comment.
Related stories will be right here …
The Seattle-based department store chain attempted to go private in 2017, courting private equity firms, but turned down an $8.4 billion offer in 2018 due to the “low” price.
Nordstrom CEO Erik Nordstrom and other members of the Nordstrom family own about a 30 percent stake in the retailer.
Sources told Reuters this time around, the retailer reached out to Morgan Stanley and Centerview Partners, requesting the investment banks contact private equity firms about a potential deal.
Nordstrom and Morgan Stanley did not respond to a request for comment while Centerview Partners declined to comment.
The news follows Nordstrom’s fourth-quarter earnings, released March 5.
While the retailer beat expectations, it gave a muted outlook for the coming fiscal year, with revenue expectations of a 2 percent decline to growth of 1 percent, noting this fiscal year will have one less week.
Fourth-quarter sales were up 2 percent year-over-year, but sales at its namesake chain fell 3 percent.
Notably, Nordstrom Rack, its off-price banner, put on the strongest holiday season performance, with sales up 15 percent in Q4, due in part to cost-conscious customers.
Nordstrom ranked No. 12 on National Jeweler’s 2023 “$100 Millon Supersellers” list, with an estimated $613 million in jewelry and watch sales, down from $630 million the previous year.
The retailer operated 359 stores as of February, with plans to open 22 new Nordstrom Rack locations this year.
Fellow retailer Macy’s has been in talks to go private as well, recently receiving a second, even higher buyout offer of $6.6 billion from real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management, though the bids were unsolicited.
Macy’s also has had success with its non-namesake banners, with plans to open more locations for its luxury brands, Bloomingdale’s and Bluemercury, while it will close 150 Macy’s locations over the next three years.
More on Majors
The Latest
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
Weekly QuizDec 12, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
Brought to you by
Protecting Your Sparkle: Why Screening Has Become Essential While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
CollectionsDec 12, 2024
The Jared Atelier x Vera Wang Collection Emphasizes EleganceThe high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
CrimeDec 11, 2024
Former Tiffany & Co. Factory Supervisor Sentenced for Stealing Precious Metals A federal judge gave Benjamin Preacher 59 days in jail, plus 10 months of home confinement and two years of supervised release.
GradingDec 11, 2024
IGI Set to Go Public Next WeekIn a CNBC interview, CEO Tehmasp Printer discussed the IPO in India and what declining lab-grown diamond prices mean for the company.
AuctionsDec 11, 2024
Sotheby’s Important Watches Sale Fetches $16.6MThe offering included vintage Rolexes, timepieces worn in “Titanic,” Steve McQueen's watch, and a special Citizen pocket watch.
CollectionsDec 11, 2024
Stephanie Gottlieb Brings Natural Diamonds to StudsThe 13-piece “Stephanie Gottlieb x Studs” collection is the piercing studio’s first fine jewelry offering to feature the gemstone.
IndependentsDec 10, 2024
Sauer Opens First U.S. StoreThe Brazilian jewelry brand made a home on New York City’s Madison Avenue with exclusive pieces only available at the location.
SurveysDec 10, 2024
Jewelry Among Top Sellers on Cyber Monday, Says AdobeAn Adobe Analytics report explored the rise in mobile shopping, the popularity of Buy Now Pay Later options, and peak shopping hours.
Events & AwardsDec 10, 2024
AGTA Launches Scholarship for University of Arizona Geosciences StudentsThe inaugural Dick Greenwood Memorial Scholarship in Gems Science will cover the fall 2025 and spring 2026 semesters.
Events & AwardsDec 10, 2024
JA New York To Debut 2 New Pavilions at Spring 2025 ShowA Piazza Italia pavilion will feature Italian designers and manufacturers while “MJSA Showcase” brings over a piece of the MJSA Expo.
CollectionsDec 09, 2024
Ray Griffiths’ First Coffee Table Book Spans 5 Decades of Design“Ray Griffiths: The Works” tells the story of the master jeweler’s career, which started with an apprenticeship in Australia at age 15.
FinancialsDec 09, 2024
Movado’s Q3 Sales Down 3% Amid ‘Challenging’ EnvironmentThe retailer has been upping its marketing spend to drive revenue growth and brand awareness.
IndependentsDec 06, 2024
After 44 Years in Business, This Wisconsin Independent Is ClosingMike Straub and John Treiber opened Treiber & Straub in 1980 with the goal of bringing Milwaukeeans the best jewelry brands.
TrendsDec 06, 2024
Pantone’s Color of the Year Is a Delicious MousseThe color for 2025, “Mocha Mousse,” embodies thoughtful indulgences and everyday pleasures.
CollectionsDec 06, 2024
Piece of the Week: Cocoerow Fine Jewelry’s ‘Kokoro’ PendantThe Yoruba word for ant, “Kokoro” embodies the strength of womanhood in ant society while highlighting responsible sourcing.
FinancialsDec 06, 2024
Roberto Coin Acquisition Gives Watches of Switzerland a Boost in H1The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
FinancialsDec 05, 2024
Signet Jewelers’ Q3 Sales Slide Amid Slow Engagement Ring Sales, Tech IssuesThe jewelry retailer addressed the lab-grown diamond “disruption,” the price of gold, and its holiday weekend performance.
SurveysDec 05, 2024
Consumer Confidence Rises Again in NovemberA more positive view of the current labor market boosted the Conference Board’s index last month.
Events & AwardsDec 05, 2024
Michael S. Krzemnicki to Receive 2024 Bonanno AwardThe director of the Swiss Gemmological Institute (SSEF) will be honored for his impact on gemology and dedication to advancing the science.
Supplier BulletinDec 05, 2024
Join Us For Color's Premier Show: 2025 AGTA GemFair TucsonSponsored by 2025 AGTA GemFair Tucson
