Nordstrom Family Suspends Attempt To Take Retailer Private; Stock Down

(RTTNews) - Nordstrom Inc. (JWN) said Monday that members of the Nordstrom family have notified the Special Committee of the Board of Directors of the company that the family has suspended active exploration, for the balance of the year, of the possibility of proposing a transaction to take the company private.

But, the family, including the co-presidents Blake Nordstrom, Peter Nordstrom, and Erik Nordstrom, notified the special committee of the board 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 said,"The Special Committee, which is committed to protecting the interests of the Company and all its shareholders, is prepared to thoroughly evaluate such a proposal from the Group at that time, if one is made."

The Nordstrom family had announced plans to take the company private in June, and subsequently teamed with the private equity firm Leonard Green Partners in what could have been a $10 billion deal.

But the transaction ran into trouble in recent weeks as the partners had trouble raising enough debt at reasonable rates, media reports said.

JWN is currently trading at $40.78, down $1.87 or 4.38%.