Shoppers exit the Nordstrom on the Westfield Topanga mall in Canoga Park, California, on Aug. 14, 2023.
Christina House | Los Angeles Times | Getty Images
Nordstrom shares jumped greater than 10% on Tuesday following a report that the department store chain is attempting to go private.
The retailer’s founding family is working with Morgan Stanley and investment bank Centerview Partners to determine if private equity firms have interest in a deal, Reuters reported, citing people acquainted with the matter. Morgan Stanley declined to comment.
A deal won’t occur, according to Reuters. A previous effort to take Nordstrom private fizzled out in 2018.
Nordstrom has struggled to drive sales in a competitive retail landscape where consumers squeezed by inflation have been watching their spending on apparel and other discretionary goods. Earlier this month, the corporate gave a depressing sales outlook for 2024.
Nordstrom said it expects full-year revenue to range from a 2% decline to a 1% increase from 2023.
Before Tuesday’s move, the corporate’s shares had fallen about 7% this yr.
Nordstrom didn’t immediately respond to CNBC’s request for comment.