Members of the Nordstrom family have formed a group to explore the possibility of taking the upscale retailer private.
Among those involved in leading this possible move are company co-presidents Blake Nordstrom, Peter Nordstrom, and Erik Nordstrom; president of stores James Nordstrom; chairman emeritus Bruce Nordstrom; and Anne Gittinger.
The possible move to privatization would involve the family members acquiring 100% of outstanding shares of company common stock. However, the retailer noted in a press release that the group has not made a proposal to the company regarding a possible transaction.
Nordstrom’s board of directors has formed a special committee comprised of the independent directors to act on behalf of the company in connection with such exploration by the Nordstrom family and any possible transaction. The special committee has retained Centerview Partners to serve as its financial advisor and Sidley Austin to serve as its legal counsel.