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Nordstrom plans to go private; shares gain 11%

5:30 PM 19 March 2024

Nordstrom (JWN.US) shares are gaining more than 10% in today's session following reports that the store chain is trying to go public and become a private company. The chain's founding family is working with Morgan Stanley to determine whether private equity firms are interested in a deal.

According to Reuters, however, the deal may not go through, given that a previous attempt to go public failed in 2018.

The company's stock price is moving in an apparent long-term downtrend. Earlier this month, the company presented grim sales forecasts for 2024.

Source: xStation 5

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