Sources told Reuters Nordstrom has asked investment banks Morgan Stanley and Centerview Partners to reach out to private equity firms and gauge their interest in a potential deal.
The deliberations come as Nordstrom and other U.S. retailers grapple with consumers curbing their discretionary spending amid still-sticky inflation and high interest rates.
Fellow department story Macy's has also become a takeover target.
Nordstrom has more than 350 stores as well as e-commerce operations. Chief Executive Erik Nordstrom and other members of the Nordstrom family collectively own about a 30% stake in the Seattle-based company.
And it's not the first time they've tried to go private. In 2017, a special board committee explored a deal with several private equity firms, including Leonard Green. A year later the committee turned down an $8.4-billion offer, calling it inadequate.
Ryan Cohen, the billionaire investor and chief executive of video game retailer GameStop, revealed last year he had amassed a 4.2% stake in Nordstrom but did not pursue plans for a board shakeup.
Nordstrom shares rose 12% on Tuesday's news of a possible sale.
Nordstrom, along with banks Centerview and Morgan Stanley, did not immediately respond to requests for comment.
