Downtown Seattle – As the Nordstrom family looks to sell the privately-owned luxury department store chain, the Nordstromrack family is looking to sell as well for up to 70 percent off the regularly marked price.
“We are offering the same great store to investors at way below full retail,” said CEO, Carson Nordstromrack III in last month’s investor’s call. “I mean, who pays full price for anything anymore?”
Savvy investment groups have been wary to bid thus far, knowing the discounts could grow even deeper. Benjamin Jacobson, an analyst with StoneFire Capital, is optimistic that an additional 30-percent-off flash sale will make the already low, low acquisition price even more attractive.
Possibly signaling their intent, StoneFire Capital invested $500 million dollars into a solar energy startup last month and put it all on their Nordstrom Rewards credit card. According to Jacobson, any StoneFire Capital offer would be at least half Nordstrom rewards points.
Sales have been held up in the past though by 85-year-old family matriarch, Tabitha Nordstromrack, who wants to keep the Nordstromrack name in the family.
“My great-great-grandfather Zacharias Nordstromrack started this company and passed it down to his son Carson Nordstromrack who passed it to his son, who finally passed it onto Carson Nordstromrack III,” said Mrs. Nordstromrack. “The Nordstromrack name has always stood for unbeatable prices on last year’s fashions and odd sizes–and as long as I’m alive, it always will.”
The Board of Directors will look to evaluate purchase offers during next week’s semi-annual sale.
