SEATTLE, April 18,
2024 /PRNewswire/ -- The Board of Directors of
Nordstrom, Inc. (NYSE: JWN) is committed to enhancing shareholder
value and regularly evaluates a wide range of strategic, financial
and operational alternatives as the Company continues to execute
its strategic plan.
As part of the Board's most recent evaluation, the Board
authorized the exploration of possible avenues to enhance
shareholder value. During this process, Erik and Pete Nordstrom, the Company's chief
executive officer and president, respectively, notified the Board
of their interest in pursuing a potential transaction pursuant to
which Nordstrom would become a private company.
In response, the Board formed a special committee of independent
and disinterested directors. The special committee will carefully
evaluate any proposal from Erik and Pete Nordstrom and any
proposals from other parties and consider whether they are in the
best interests of Nordstrom and all shareholders. The special
committee retained Morgan Stanley & Co. LLC and Centerview
Partners LLC as financial advisors and Sidley Austin LLP and
Perkins Coie LLP as legal counsel.
There can be no assurance that the Company will pursue any
particular transaction or other strategic outcome, or that a
proposed transaction will be approved or consummated. The Company
does not intend to disclose further developments regarding this
matter unless and until further disclosure is determined to be
appropriate or necessary.
ABOUT NORDSTROM
At Nordstrom, Inc. (NYSE: JWN), we
exist to help our customers feel good and look their best. Since
starting as a shoe store in 1901, how to best serve customers has
been at the center of every decision we make. This heritage of
service is the foundation we're building on as we provide
convenience and true connection for our customers. Our
interconnected model enables us to serve customers when, where and
how they want to shop – whether that's in-store at more than 350
Nordstrom, Nordstrom Local and Nordstrom
Rack locations or digitally through our Nordstrom and Rack
apps and websites. Through it all, we remain committed to leaving
the world better than we found it.
Certain statements in this press release contain or may suggest
"forward-looking" information (as defined in the Private Securities
Litigation Reform Act of 1995) that involves risks and
uncertainties that could cause results to be materially different
from expectations. The words "will," "may," "designed to,"
"outlook," "believes," "should," "targets," "anticipates,"
"assumptions," "plans," "expects" or "expectations," "intends,"
"estimates," "forecasts," "guidance" and similar expressions
identify certain of these forward-looking statements. The Company
also may provide forward-looking statements in oral statements or
other written materials released to the public. All statements
contained or incorporated in this press release or in any other
public statements that address such future events or expectations
are forward-looking statements. Important factors that could cause
actual results to differ materially from these forward-looking
statements are detailed in the Company's Annual Report on Form 10-K
for the fiscal year ended February 3,
2024, filed with the SEC on March 19,
2024. In addition, forward-looking statements contained in
this release may be impacted by the actual outcome of events or
occurrences related to the wind-down of business operations in
Canada. These forward-looking
statements are not guarantees of future performance and speak only
as of the date made, and, except as required by law, the Company
undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events, new information or future
circumstances. In addition, the actual timing, price, manner and
amounts of future share repurchases, if any, will be subject to the
discretion of our board of directors, contractual commitments,
market and economic conditions and applicable Securities and
Exchange Commission rules.
INVESTOR CONTACT:
James
Duies
Nordstrom, Inc.
InvRelations@Nordstrom.com
MEDIA CONTACT:
Gigi Ganatra
Duff
Nordstrom, Inc.
NordstromPR@Nordstrom.com
Matthew Sherman /
Tim Ragones
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Nordstrom, Inc.