Home Business Nordstrom Reportedly Trying to Go Private

Nordstrom Reportedly Trying to Go Private

by SuperiorInvest

Shoppers exit the Nordstrom at the Westfield Topanga shopping center in Canoga Park, California, on August 14, 2023.

Cristina House | Los Angeles Times | fake images

Nordstrom Shares closed 9% higher on Tuesday following a report that the department store chain is attempting to go private.

The retailer's founding family is working with Morgan Stanley and investment bank Centerview Partners to determine whether private equity firms have interest in a deal, Reuters reported, citing people familiar with the matter. Morgan Stanley declined to comment.

According to Reuters, an agreement may not be reached. A previous attempt to privatize Nordstrom failed in 2018.

Nordstrom has struggled to boost sales in a competitive retail landscape where inflation-pressed consumers have been watching their spending on apparel and other discretionary goods. Earlier this month, the company offered a bleak sales outlook for 2024.

Nordstrom said it expects full-year revenue to range between a 2% decline and a 1% increase beginning in 2023.

Before Tuesday's move, the company's shares had fallen about 7% this year.

Nordstrom did not immediately respond to CNBC's request for comment.

Don't miss these CNBC PRO stories:

Source Link

Related Posts