Shares of Nordstrom (JWN) are soaring Thursday, up 15% at one point, after the company said it's exploring its options for going private.
Management has assembled a special committee to explore the transaction and this is an important development, TheStreet's Jim 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.
Given how much stock Kohl's (KSS) has bought back over the past five years, it seemed like it would be one that would try and go private as well, Cramer concluded.
Jim Cramer talks about oversold retail stocks on Real Money. Get his insights or analysis with a free trial subscription to Real Money.