American fashion retailer Nordstrom is exploring the possibility of going private, a move that will involve acquisition of 100% of the outstanding shares of common stock of the company.
Members of the Nordstrom family have formed a group to explore a ‘going private transaction’. However, the group did not make a proposal to the company regarding any such transaction.
A special committee formed by Nordstrom’s board of directors will represent it in connection with such exploration by the family and any possible transaction.
Centerview Partners and Sidley Austin will respectively serve as financial adviser and legal counsel for the special committee.
Nordstrom currently operates 354 stores in 40 states, including 122 full-line stores in the US, Canada and Puerto Rico; 221 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.
The retailer also offers its products online via Nordstrom.com, Nordstromrack.com and HauteLook.
In May, Nordstrom collaborated with lifestyle brand goop to bring the latter’s retail curation to [email protected] in the US and online.
[email protected] is the fashion retailer’s ongoing series of themed pop-up shops that transitions every four to six weeks to offer a new shopping experience and exclusive merchandise, while [email protected] will feature wellness-focused products such as apparel, accessories, beauty and home.