Inc. jumped 9.4 percent to $18.66 on Tuesday after Reuters reported the company’s founding family was working with Morgan Stanley and Centerview Partners to find private equity firms interested in taking the retailer private.
“It wouldn’t surprise me if the family wanted to try to take it private again,” said one retail source familiar with department stores. “They could very well be thinking that the stock is undervalued.…Everyone says their department stores are in trouble and lost their way, and that the Manhattan flagship has been a colossal albatross. But the problem with taking it private is that they would be taking on a lot of debt.
And Erik Nordstrom, chief executive officer, told analysts on a conference call this month that traffic did improve sequentially at the Nordstrom banner during 2023, while the Manhattan flagship has been showing “real strong growth.” The Nordstroms own about 30 percent of the company’s stock, so they would still have to come up with more than $2 billion at the current price.
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