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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.
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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.
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