Nordstrom shares bounce 9% on report retailer is making an attempt to go non-public

Nordstrom shares bounce 9% on report retailer is making an attempt to go non-public

Consumers exit the Nordstrom on the Westfield Topanga mall in Canoga Park, California, on Aug. 14, 2023.

Christina Home | Los Angeles Occasions | Getty Photographs

Nordstrom shares closed 9% increased on Tuesday following a report that the division retailer chain is making an attempt to go non-public.

The retailer’s founding household is working with Morgan Stanley and funding financial institution Centerview Companions to find out if non-public fairness companies have curiosity in a deal, Reuters reported, citing individuals conversant in the matter. Morgan Stanley declined to remark.

A deal won’t occur, in accordance with Reuters. A earlier effort to take Nordstrom non-public fizzled out in 2018.

Nordstrom has struggled to drive gross sales in a aggressive retail panorama the place customers squeezed by inflation have been watching their spending on attire and different discretionary items. Earlier this month, the corporate gave a gloomy sales outlook for 2024.

Nordstrom mentioned it expects full-year income to vary from a 2% decline to a 1% enhance from 2023.

Earlier than Tuesday’s transfer, the corporate’s shares had fallen about 7% this 12 months.

Nordstrom didn’t instantly reply to CNBC’s request for remark.

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