The Nordstrom family announced this morning that it has formed a special group of family members to explore taking the company private.
Independent members of the Nordstrom board of directors will analyze any proposal that may come forward.
Nordstrom’s stock jumped nearly 12% to $45.50 in trading this morning. As recently as 2015, the stock was trading at $80 a share.
The Nordstrom news is the latest development in the tumultuous retail sector. Competitors like Macy’s are closing stores and rethinking their business strategy altogether.
Nordstrom has held its own in the environment compared to many others – the company has built a robust online business. But traffic in stores, and business overall, has still been challenging.
In 2016, net sales increased 2.9% to $14.5 billion, while comparable sales declined 0.4%.
Net income fell 41% to $354 million.
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