Management has assembled a special committee to explore the transaction and this is an important development, TheStreet'sJim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.
Cramer pointed out the interesting timing with its former CFO Mike Koppel. Koppel served as Nordstrom's CFO for 17 years before stepping down this spring. On May 4, Nordstrom introduced Anne Bramman as its new CFO.
About one month later, here we are with the company exploring a transaction to go private. Koppel was not one to load up the balance sheet, Cramer said, noting that it isn't a surprise this announcement happened after he left.
Retail has been a terribly performing sector, but it's one that remains very important, Cramer said. "Some of these guys are taking matters into their own hands," like Nordstrom, he added.
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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.