The Nordstrom (NYSE:JWN) family has made an offer to purchase the Nordstrom (JWN) department store chain for $23 per share in cash, according to a statement released on Wednesday.
The family submitted a non-binding letter to a special committee, outlining their proposal to all of the outstanding shares of JWN’s common stock.
JWN shares fell 1.5% in premarket trading Wednesday.
The Nordstrom family members involved in the offer have hired Moelis & Company LLC as their financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP as their legal advisor, per the press release.
Nordstrom said there are no guarantees that the offer will be accepted by the company or its shareholders, or that the deal will ultimately be completed.
Reuters reported earlier this year that the Nordstrom family is once again exploring the possibility of taking the department store private and has set up a special committee to review potential bids.
CEO Erik Nordstrom and President Pete Nordstrom informed the board of their interest in pursuing a privatization deal for the 123-year-old retailer. In response, the board has created a special committee made up of independent directors to assess proposals from the Nordstrom brothers, as well as any other outside offers.
Nordstrom emphasized that the board remains focused on enhancing shareholder value, and the committee will evaluate whether any bids are in the best interest of the company and its stakeholders.
The potential deal comes at a time when department stores are facing challenges, with many brands shifting focus toward their own stores and online platforms, leading to a reduced reliance on wholesalers.