Nordstrom Family Offers $3.8 Billion to Buy Its Namesake Retailer

Published On Sep 4, 2024, 12:06 PM

Nordstrom's founding family has proposed to take the company private for $3.8 billion, offering $23 per share in cash. This comes as retail faces difficulties from changing shopping habits and costly real estate. The offer prices are about 35% higher than the last closing price before the announcement but slightly above the current market price. Nordstrom's performance has struggled, particularly with shifts in consumer spending and competition from other retailers adjusting their strategies. A special committee has been formed to evaluate the proposal and ensure it aligns with shareholder interests.