The founding family of Nordstrom (NYSE:JWN) is considering a move to take the U.S. department store chain private, revisiting a similar attempt that failed six years ago, according to a Reuters report today. Shares of Nordstrom surged over 11% intra-day today following the news.
This move marks another attempt by Nordstrom’s founding family to privatize the company, an effort that dates back to 2017. Despite forming a special committee to evaluate the privatization efforts in 2018, negotiations between the family and the committee ended without reaching an agreement on the valuation.