Nordstrom founding family reportedly seeking options to take retailer private

Six years after their first attempt, the founding family of US retailer Nordstrom are said to once again be mulling taking the company private.

It is believed that the department store giant has asked investment banks Morgan Stanley and Centerview Partners to contact private equity firms to gauge interest in such a deal, according to sources for Reuters, which initially reported the news.

Together with chief executive officer Erik Nordstrom, the Nordstrom family collectively own around a 30 percent stake in the company.

There is no certainty that such an agreement would be reached, and both Nordstrom and Morgan Stanley declined a request to comment by the media outlet.

The news comes weeks after Nordstrom issued an annual forecast below market expectations, largely due to the increasingly price-conscious consumer that has been impacted by rising inflation and interest rates.

It also comes alongside reports that rival US department store chain Macy’s is currently a part of a similar move.

Amid details of falling revenue, the retailer was approached by investment firms Arkhouse Management and Brigade Capital with an offer to take the company private for 6.6 billion dollars.