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Nordstrom bonds clobbered by news the department-store chain may go private

Nordstrom Inc. shares rallied more than 10% Thursday, but its bonds tumbled, after the company said it’s exploring a going-private transaction with the Nordstrom family.

The department store chain JWN, +11.34% which is struggling along with peers in a challenging environment for retailers, said family members, including Co-Presidents Blake Nordstrom, Peter Nordstrom and Erik Nordstrom; Chairman Emeritus Bruce Nordstrom; President of Stores James Nordstrom and Anne Gittinger, have formed a group to explore the possibility of acquiring 100% of the shares outstanding.

Bruce Nordstrom owned 15% of the shares outstanding as of March 17, according to FactSet, and Gittinger owned 9.2% of the shares outstanding.

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