If you’re just catching up on the morning buzz, here’s what we know: Nordstrom, Inc. JWN is staying public, and Sears Holdings Corp SHLD lost its chairman.
Nordstrom announced that core family members suspended exploration of a take-private deal through the end of the holiday season. The family will resume consideration of any board proposals at that time.
Review of a take-private strategy was first reported in June, and as of September, analysts considered the move likely but not necessarily of value to shareholders.
At the same time, Sears reported the impending resignation of its board chairman in an early 8-K. Bruce Berkowitz is the chief investment officer of Fairholme Capital Management and had once been called the U.S. stock fund manager of the decade.
“I wish the company and its associates all the best as Sears Holdings continues to execute on its strategic priorities," Berkowitz said in a press release.
Sears fell 12.4 percent on its news, while Nordstrom dropped 6 percent.
Macy’s Inc M and Dillard’s, Inc. DDS also declined a respective 2.9 percent and 3.6 percent in sympathy.
Related Links:
Nordstrom Remains A Bright Spot In A Dismal Quarter For Retail
Sears Goes To Amazon In Search Of A Lifeline
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