Nordstrom reported that its net sales decreased 3.5% for the first quarter. The company said its top-line results were impacted by three areas— loyalty, digital marketing and merchandise— which contributed to declines across its full-price and off-price businesses, in both stores and online.
Nordstrom’s special committee of the board said it has ended discussions with members of the Nordstrom family and their efforts to acquire and take the department store retailer private.
According to a recent Reuters report, Nordstrom’s founding family group is finalizing plans to submit an offer to take the U.S. department store retailer private.
Karen McKibbin, president of Nordstrom Rack, will be retiring from Nordstrom in March. Geevy Thomas, chief innovation officer, will succeed McKibbin as president of the Nordstrom Rack off-price division.
The Nordstrom family has suspended its exploration of possibly taking the upscale retailer private.