Nordstrom puts efforts to go private on hold
Nordstrom is not going private — at least not this year.
Nordstrom said Monday that its controlling family members have suspended active efforts, for the remainder of the year, to take the department store company private.
Nordstrom said the family members (company co-presidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B. Nordstrom, president of stores James F. Nordstrom, chairman emeritus Bruce A. Nordstrom, and Anne E. Gittinger – the "group") intend to continue their efforts to explore the possibility of having the retailer go private after the conclusion of the holiday season. In the meantime, the company and its employees "will remain focused on running the business and delivering the best shopping experience for customers."
In June, Nordstrom announced that members of the Nordstrom family, who own approximately 31.2% of the company’s stock, had formed exploratory group to research the possibility of taking the company private. In recent weeks, however, reports said the effort had stalled over financing difficulties, with lenders becoming more cautious amid today's unstable retail climate.
Nordstrom said Monday that its controlling family members have suspended active efforts, for the remainder of the year, to take the department store company private.
Nordstrom said the family members (company co-presidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B. Nordstrom, president of stores James F. Nordstrom, chairman emeritus Bruce A. Nordstrom, and Anne E. Gittinger – the "group") intend to continue their efforts to explore the possibility of having the retailer go private after the conclusion of the holiday season. In the meantime, the company and its employees "will remain focused on running the business and delivering the best shopping experience for customers."
In June, Nordstrom announced that members of the Nordstrom family, who own approximately 31.2% of the company’s stock, had formed exploratory group to research the possibility of taking the company private. In recent weeks, however, reports said the effort had stalled over financing difficulties, with lenders becoming more cautious amid today's unstable retail climate.