SEATTLE--(BUSINESS WIRE)--Mar. 20, 2018--
The Special Committee (the “Special Committee”) of the Board of
Directors of Nordstrom (NYSE: JWN) announced today that it has
terminated discussions with members of the Nordstrom family – Company
Co-Presidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B.
Nordstrom, President of Stores James F. Nordstrom, Chairman Emeritus
Bruce A. Nordstrom, and Anne E. Gittinger (the “Group”) – regarding the
Group’s acquisition of the outstanding shares of common stock of the
Company. The Special Committee took this action because it could not
reach agreement with the Group on an acceptable price for the Company.
The Special Committee believes that Nordstrom is well positioned to
capitalize on future opportunities to gain market share through its
customer strategy, centered on three strategic pillars: providing a
differentiated product offering; delivering exceptional services and
experiences; and leveraging the strength of its brand. Nordstrom
continues to integrate its digital and physical assets to deliver
best-in-class capabilities across supply chain, technology, marketing,
product and services to better serve customers on their terms. The
company is uniquely positioned in the industry and has generated market
share gains and industry leading e-commerce penetration fueled by
investments in digital capabilities to expand customer reach and
engagement. The Special Committee is confident that the company’s
ability to leverage its digital capabilities and its local market assets
of people, product, and place will support growth across both its
full-price and off-price businesses.
The Special Committee is being advised by Centerview Partners LLC as
financial advisor and Sidley Austin LLP as its legal counsel.
SOURCE Nordstrom, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180320006594/en/
Source: Nordstrom, Inc.
Special Committee of the Board of Directors of Nordstrom:
Verbinnen & Co
Meghan Gavigan/Emily Claffey/Alyssa Linn