NORDSTROM TO CONSIDER GOING PRIVATE
Seattle-based retail giant Nordstrom, Inc. has announced that members of the Nordstrom family – namely 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 – have formed a group to explore the possibility of pursuing a “going private transaction” involving the acquisition by this group of 100 percent of the outstanding shares of common stock of the company.
However, no specific proposal has been made regarding any such transaction, nor is there any guarantee an proposal will be made in the future.
At the same time. Nordstrom’s board of directors has formed a special committee, comprised of the company’s independent directors, to act on Nordstrom’s connection with such exploration by the Nordstrom family and any possible transaction. The special counsel has retained Centerview Partners LLC to serve as its financial advisor and Sidley Austin LLP to serve as its legal counsel.
Nordstrom operates 354 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 221 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. It also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its seven clubhouses. Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the symbol JWN.
