Shoppers exit the Nordstrom store at Westfield Topanga Mall on August 14, 2023 in Canoga Park, California.
Christina House | Los Angeles Times | Getty Images
Nordstrom Shares rose more than 10% on Tuesday after reports the department store chain was seeking to take it private.
The retailer’s founding family is working with Morgan Stanley and investment bank Centerview Partners to determine whether private equity firms would be interested in a deal, Reuters reports, citing people familiar with the matter. Morgan Stanley declined to comment.
Reuters reports that the deal may not happen. Previous efforts to take Nordstrom private failed in 2018.
Nordstrom has struggled to drive sales in a competitive retail environment as consumers squeezed by inflation have been watching how much they spend on clothing and other discretionary items. Earlier this month, the company gave a pessimistic forecast for its 2024 sales outlook.
Nordstrom said it expects full-year revenue in 2023 to fall 2% to grow 1%.
Before Tuesday’s action, the company’s shares had fallen about 7% this year.
Nordstrom did not immediately respond to CNBC’s request for comment.
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