Shares of Nordstrom (JWN) are moving higher Tuesday afternoon as, according to a report from Reuters, the Nordstrom founding family is looking to take the company private. A similar effort was made in 2017, but was rejected by the board.

Yahoo Finance Reporter Alexandra Canal breaks down the latest development for Nordstrom and what it could mean for the company moving forward.

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Editor's note: This article was written by Nicholas Jacobino