Shares of Nordstrom (NYSE: JWN) climbed 9.4% on Tuesday amid reports that the department store chain is exploring options to go private.

According to "people familiar with the matter" speaking with Reuters earlier today, Nordstrom's founding family has engaged investment banks Morgan Stanley and Centerview Partners to reach out to private equity firms to gauge their interest in a potential deal.

The timing of the news is no coincidence; Nordstrom shares dropped hard earlier this month after the company issued disappointing guidance that overshadowed slightly stronger-than-expected fiscal fourth-quarter results. Management warned that revenue could decline as much as 2% (the bottom end of its guidance range) in fiscal 2024.

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Source Fool.com