Family to buy back department stores

THE Nordstrom department store chain in the US could be taken private by its founders as some of America’s best-known retailers struggle to attract shoppers.

The Seattle-based firm said members of the Nordstrom family have formed a group to study the possibility of buying the 70pc of the shares they do not already own.

Shares yesterday rose more than 20pc in early trading in New York to value the company at around £6bn.

Nordstrom, which has been traded on the stock market for nearly 40 years, traces its roots back to a Seattle shoe store opened by Swedish immigrant John Nordstrom and a partner in 1901. It is now the largest high-end department store chain in the US, with 354 shops in 40 states.

Nordstrom has fared better than some of its rivals, such as Macy’s and Sears, thanks in part to its discount chain Nordstrom Rack.