Nordstrom, Inc. has recently announced the formation of a special committee of independent directors in response to the interest expressed by Erik and Pete Nordstrom, the company's CEO and President respectively, in exploring a potential going-private transaction. The board of directors is dedicated to enhancing shareholder value and regularly evaluates various strategic, financial, and operational alternatives in line with the company's strategic plan.
The special committee has been tasked with evaluating any proposal from Erik and Pete Nordstrom, as well as any proposals from other parties, to determine their alignment with the best interests of Nordstrom and all its shareholders. To aid in this evaluation, the special committee has engaged the services of financial advisors Morgan Stanley & Co. LLC and Centerview Partners LLC, as well as legal counsel from Sidley Austin LLP and Perkins Coie LLP.
Nordstrom, Inc. has emphasized its commitment to leaving the world better than it was found and aims to provide convenience and true connection for its customers through its interconnected model, which allows it to serve customers through various channels, including in-store and digitally.
The company has stated that there is no assurance that it will pursue any specific transaction or strategic outcome, and it does not intend to disclose further developments regarding this matter unless and until further disclosure is deemed appropriate or necessary.
As of the latest financial information available, Nordstrom, Inc. is listed on the New York Stock Exchange under the ticker symbol "JWN" and operates over 350 Nordstrom, Nordstrom Local, and Nordstrom Rack locations.
Please note that the information provided is based on the press release as of April 18, 2024, and it contains certain forward-looking statements that involve risks and uncertainties. The market has reacted to these announcements by moving the company's shares 4.4% to a price of $18.74. For more information, read the company's full 8-K submission here.
