Nordstrom said Thursday it's exploring a "going private" transaction by the Nordstrom family after forming a special committee to consider such a deal.
Shares of the retailer's stock soared more than 20 percent at one point Thursday morning following the news. By midmorning, it was up 10 percent.
In a filing with the Securities and Exchange Commission, the department store operator said the group has not yet made a formal proposal regarding a potential private transaction.
Nordstrom did not immediately respond to an additional request for comment.
The retailer explained that Co-Presidents Blake Nordstrom, Peter Nordstrom and Erik Nordstrom, along with President of Stores James Nordstrom and Chairman Emeritus Bruce Nordstrom, and Anne Gittinger, are a part of the recently formed exploratory group.
The largest insider shareholders in the company include Bruce Nordstrom, with a 15.24 percent stake; Gittinger, co-founder John Nordstorm's granddaughter, with a 9.23 percent stake; Blake Nordstrom, who owns 1.58 percent of shares; and Peter Nordstrom and Erik Nordstrom, who both own 1.55 percent of shares, according to FactSet.
The family has filed with the SEC to say that as of Wednesday, on a combined basis, they own 51.8 million shares of the retailer's common stock, representing about a 31.2 percent stake.
The company also said Thursday it has retained Centerview Partners to serve as its financial advisor and Sidley Austin as legal counsel.