Nordstrom Establishes Special Committee Amid Founding Family's Privatization Proposal

(RTTNews) - Nordstrom Inc.'s (JWN) founding family has notified the board of its interest in taking the company private. The company formed a special committee to evaluate any proposal from the company's Chief Executive Officer Erik Nordstrom and the company's president Pete Nordstrom, and any proposals from other parties and consider whether they are in the best interests of Nordstrom and all shareholders, the department-store chain said in a statement.

The special committee retained Morgan Stanley & Co. LLC and Centerview Partners LLC as financial advisors and Sidley Austin LLP and Perkins Coie LLP as legal counsel.

There can be no assurance that the company will pursue any particular transaction or other strategic outcome, or that a proposed transaction will be approved or consummated, Nordstrom said.

JWN closed Thursday's regular trading at $18.74 up $0.79 or 4.40%. In the after-hours trading the stock further gained $0.41 or 2.19%.