The Nordstrom family has suspended its exploration of possibly taking the upscale retailer private.
In June, members of the Nordstrom family including company co-presidents Blake Nordstrom, Peter Nordstrom, and Erik Nordstrom, president of stores James Nordstrom, chairman emeritus Bruce Nordstrom and Anne Gittinger, formed a group to explore the possible move, which would require the family members to acquire all outstanding shares of company common stock.
The group recently notified the special committee of the board of directors of Nordstrom that it has suspended active exploration, for the balance of the year, of the possibility of proposing a transaction to take the company private. However, the group informed the special committee that it intends to continue its efforts to explore the possibility of making a going private proposal after the conclusion of the holiday season.
Nordstrom’s special committee stated that it is “committed to protecting the interests of the company and all its shareholders, and is prepared to thoroughly evaluate such a proposal from the group at that time, if one is made.”