This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Nordstrom’s founding family has shown interest in exploring a privatization deal, according to the company’s press release. The move came by the CEO Erik Nordstrom and its President Pete Nordstrom as the company was exploring avenues to enhance shareholder value amidst the ongoing weakness in the retail chain sector. The company has formed a special committee of independent directors to evaluate the proposal. As of end-March 2024, the founding family collectively owned 30% of the company’s shares. Nordstrom was downgraded to BB by Fitch earlier this month. Nordstrom’s shares were up 1.6% yesterday.
Nordstrom bonds were up by 1-2 points with its 4% 2027s up at 95.5 cents on the dollar, yielding 5.71%.
For more details, click here