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STORY: The founding family behind Nordstrom, the high-end department store chain, is looking to take the company private.

Sources told Reuters Nordstrom has asked investment banks Morgan Stanley and Centerview Partners to reach out to private equity firms and gauge their interest in a potential deal.

The deliberations come as Nordstrom and other U.S. retailers grapple with consumers curbing their discretionary spending amid still-sticky inflation and high interest rates.

Fellow department story Macy's has also become a takeover target.

Nordstrom has more than 350 stores as well as e-commerce operations. Chief Executive Erik Nordstrom and other members of the Nordstrom family collectively own about a 30% stake in the Seattle-based company.

And it’s not the first time they’ve tried to go private. In 2017, a special board committee explored a deal with several private equity firms, including Leonard Green. A year later the committee turned down an $8.4-billion offer, calling it inadequate.

Ryan Cohen, the billionaire investor and chief executive of video game retailer GameStop, revealed last year he had amassed a 4.2% stake in Nordstrom but did not pursue plans for a board shakeup.

Nordstrom shares rose 12% on Tuesday’s news of a possible sale.

Nordstrom, along with banks Centerview and Morgan Stanley, did not immediately respond to requests for comment.