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June 8 (Reuters) - Department store operator Nordstrom Inc said on Thursday that some members of the controlling Nordstrom family have formed a group to consider taking the company private.
Shares of the company, which had a market value of $6.72 billion as of Wednesday closing, jumped as much 18 percent in early trading.
Shares of rival department store operators also rose. Macy's Inc was up 3.8 percent, Kohl's Corp 2.3 percent and J.C. Penney Co Inc 1.3 percent.
Nordstrom, however, said the group, which includes Chairman Emeritus Bruce Nordstrom, President James Nordstrom and co-Presidents Blake, Peter and Erik Nordstrom - had not made a formal proposal yet.
Nordstrom, like other department stores, has reported weak sales in recent quarters as the industry struggles with a slump in demand for apparel and a shift to online shopping.
The company's board has formed a special committee of independent directors to explore the possibility of any transaction that could be made by the group, which owns 31.25 percent of the company's shares.
The committee said it had entered into an agreement with the members of the Nordstrom family over some standstill provisions that would prevent members of group from taking certain actions until Jan 31, 2019.
The special committee has hired Centerview Partners LLC as its financial adviser and Sidley Austin LLP to serve as legal counsel. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Saumyadeb Chakrabarty)