Can't blame Nordstrom (JWN) for wanting to get the hell out of public markets.
As TheStreet's insanely fast Flash Desk reported Thursday, Nordstrom's stock was up more than 20% on Thursday, after the luxury department store announced that the Nordstrom family has formed a group to explore the possibility of a "going private transaction."
The company's board of directors has formed a "special committee" comprised of independent directors to act on behalf of the company. Nordstrom said that there was no guarantee that it would proceed with going private.
With shares badly lagging the S&P 500 by about 16 percentage points the last year, one can't blame Nordstrom for wanting to be private. The company has always been run as a private fiefdom, with profits often held back by numerous initiatives led by the family. Seeing as the family likely thinks its investments are being ignored by the market and sentiment on retail is terrible, why not be a private company.
More broadly, Nordstrom joins Abercrombie & Fitch (ANF) as a retailer exploring going private transactions. For you traders out there, there may be a short-term bottom being formed in beaten-up retail stocks.
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