Last month it was revealed that the CEO Erik Nordstrom He is his brother Pete, president of the company, are exploring various options to exit the stock exchange, confirming what Reuters published in March. The negotiations are expected to last several weeks and there is no certainty that Sycamore, already owner of the US department stores Belkor any other private equity suitor reaches a deal.
The Nordstroms, according to what the news agency reported last March, are working with Morgan Stanley and the investment bank Centerview Partners to test the interest of private equity in reaching an agreement that could lead to the exit from the New York Stock Exchange, a project that had already been taken into consideration in 2018, but later abandoned due to lack of necessary resources.
The company which has 359 stores under its belt including Nordstrom (in the photo, the one in New York dedicated to men) and Nordstrom Racks, closed the fiscal year to February 3, 2024 with revenues down 5.9% to 14.2 billion dollars and profit fell from 245 to 134 million. For the new financial year, he predicted that sales could fall by 2% compared to the previous year or at most grow by 1%, confirming the difficulties that other American department stores are also experiencing.
The possible arrival of private equity yesterday supported the prices of Nordstrom shares, which recorded a +6.2% on the stock market (+8.3% since the beginning of the year), reaching a capitalization of 3.26 billion dollars.
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