Nordstrom closes books on 53 years as public company
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 23 December 2024
⏱️ 8 minutes
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Summary
Show Notes
Materials, software stocks are best poised for H1 outperformance
Consumer confidence slides
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. |
| 0:10.0 | Good afternoon. Today is Monday, December 23rd, and I'm your host, Kim Con. Our top story so far. It's not exactly a miracle on 34th Street. |
| 0:19.2 | Department store chain Nordstrom has accepted a $6.25 billion |
| 0:22.5 | all-cash buyout offer to end its 53-year run as a publicly traded company. Operators signed a deal |
| 0:29.3 | with Eric, Pete, Jamie Nordstrom, and other members of the Nordstrom family, and El Puerreto |
| 0:34.3 | de Liverpool. Following the close of the transaction, the Nordstrom family will have |
| 0:38.4 | a majority ownership stake in the company. Common shareholders will receive $24 and 25 cents per share. |
| 0:44.7 | In addition, the board intends to authorize a special dividend of up to 25 cents per share |
| 0:49.3 | immediately before and contingent on the close of the transaction. Nordstrom first went public in August |
| 0:55.2 | 1971. At that time, it offered shares under the name Nordstrom Best and was recognized as the |
| 1:01.5 | West Coast largest volume fashion specialty store shortly thereafter, with annual sales |
| 1:06.4 | surpassing $100 million by 1973. The company then formally changed its name to Nordstrom, Inc. |
| 1:12.8 | Shares of the retailer peaked in 2015. In addition, the Container Store Group filed for Chapter |
| 1:18.6 | 11 after 46 years in business. The company plans to implement a recapitalization transaction |
| 1:24.4 | to bolster its financial position, fuel growth initiatives, and drive |
| 1:28.2 | enhanced long-term profitability. CEO Satish Mantora said, the container store is here to stay. |
| 1:35.0 | Our strategy is sound, and we believe the steps we are taking today will allow us to continue |
| 1:39.5 | to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities. |
| 1:46.3 | Looking to the economy, November durable goods orders moved a day earlier due to the shortened |
| 1:51.1 | trading day on Christmas Eve, sank more than expected. New orders of durable goods fell 1.1% on |
| 1:57.4 | the month, reversing from a 0.8% increase in October, which was revised up from 0.2%. |
| 2:03.5 | The forecast was for a drop of 0.3%. |
... |
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