Shoppers exit Nordstrom on the Westfield Topanga shopping mall in Canoga Park, California, August 14, 2023.
Krystyna’s house | Los Angeles Times | Getty Images
Nordstrom the corporate’s shares rose greater than 10% on Tuesday after reports that the department store chain was trying to go private.
The seller’s founding family cooperates with the corporate Morgan Stanley and investment bank Centerview Partners to determine whether private equity funds are inquisitive about the transaction, Reuters reported, citing people aware of the matter. Morgan Stanley declined to comment.
According to Reuters, the transaction may not happen. A previous attempt to take Nordstrom private failed in 2018.
Nordstrom is struggling to grow sales in a competitive retail environment where consumers pressed by inflation are watching their spending on clothing and other discretionary goods. At the start of the month, the corporate gave gloomy sales prospects for 2024.
Nordstrom said it expects full-year revenue to range from a 2% decline to a 1% gain from 2023.
Before Tuesday’s decision, the corporate’s shares had fallen about 7% this yr.
Nordstrom didn’t immediately respond to CNBC’s request for comment.
