.September 5, 2024 4:30:00 PM

The Nordstrom family has made a $23 per share cash offer to acquire the remaining shares of Nordstrom (NYSE:JWN). The proposal is non-binding and aims to buy out all outstanding shares of the department store chain’s common stock.

CEO Erik Nordstrom and President Pete Nordstrom have enlisted Moelis & Company LLC as their financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP as legal counsel. The board and shareholders are not obligated to accept the offer, and the deal’s completion is not guaranteed.

Amid reports of the Nordstrom family’s interest in taking the retailer private, a special committee of independent directors was formed to evaluate potential bids. The committee will assess both the family’s offer and external proposals to ensure actions align with the company’s best interests.

Department stores are facing heightened competition from direct-to-consumer brands and online platforms, which are shifting focus away from traditional wholesale models. This potential privatization reflects the changing landscape of the retail industry.