Nordstrom said its special committee, comprising of independent and disinterested directors 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 interest from Erik and Pete Nordstrom, the company's CEO and president, respectively, confirms exploring a potential going-private transaction following widespread speculations of the retailer's future after facing mounting pressure from investors.

The board of directors disclosed this decision as part of its ongoing strategic evaluation and said it will continually assess various strategic, financial, and operational options aimed at maximising shareholder value.

GlobalData retail analyst Neil Saunders’ previously said that a change of ownership is not something would remedy all of Nordstrom’s issues seeing as many of the same people who oversaw the company’s struggles of shrinking sales, ceded market shares, closure of Canadian operations and the ‘chronic underperformance’ of the off-price division of Nordstrom Rack, would stay in charge.

However, he was keen to add that privatisation could give Nordstrom more “breathing space to make investments and take a “longer view on how to evolve the proposition.”

In light of the recent developments, the special committee has enlisted the expertise of financial and legal advisors Morgan Stanley & Co. LLC and Centerview Partners LLC, while legal counsel will be provided by Sidley Austin LLP and Perkins Coie LLP.

Despite the initiation of these proceedings, Nordstrom has emphasised that no definitive decisions regarding a transaction have been made.

The company maintains a cautious approach, stating that there is no guarantee of pursuing any specific transaction or strategic outcome.