NEW YORK — Nordstrom is halting, at least temporarily, the hunt for a buyer, sending shares down sharply at the opening bell Monday.
The Nordstrom family told a special committee at the upscale retailer that they may start up the search again after the end of the crucial holiday season.
In June, members of the Nordstrom family including co-presidents Blake, Peter and Erik Nordstrom, said they were weighing the acquisition of 70 percent of the department store’s stock that they don’t already own. That could give Nordstrom more flexibility to navigate a rapidly changing retail environment.
Department stores sales have been under financial pressure as more people shop online, at off-price retailers, or spend less money overall on clothing, which makes up a big part of Nordstrom’s business.