The will they or won't they saga involving Nordstrom's (JWN) founding family and the decision to go private seems to have run its course.
Reuters reported Friday that the company is finalizing plans to take the retail chain private and the stock, in turn, jumped 6.5% to $53.56 on Friday.
TheStreet's founder Jim Cramer and his Action Alerts Plus research team added Nordstrom to its charitable trust portfolio on Feb. 6 for a number of reasons. Taking advantage of the market correction, the team reasoned Nordstrom's earnings power was being undervalued amidst the selloff.
Here's how other department store chains are fairing Friday in the wake of the announcement.
Sears Holdings Corp. (SHLD) shares spiked 4.3% Friday to $2.43.
Macy's Inc. (M) rose 2.1% to $26.73.
Burlington Stores Inc. (BURL) shares rose 0.9% to $125.04.
Dillard's Inc. (DDS) has spent most of the session bouncing from negative to positive territory, but the stock jumped 0.6% Friday afternoon.
Kohl's Corp. (KSS) was up 2.6% to $66.46.
J.C. Penney Co. (JCP) shares were up 3.3% to $4.07.
The SPDR S&P Retail ETF (XRT) jumped 1.6% on the news.