Nordstrom’s board of directors is looking into a potential deal that would take the company private following the proposal of CEO Erik Nordstrom and president Pete Nordstrom.

The board has formed a special committee of independent and disinterested directors to evaluate the proposal from Erik and Pete, as well as from other parties. The committee retained Morgan Stanley & Co and Centerview Partners as financial advisors, and Sidley Austin and Perkins Coie as legal counsel.

The board said it is committed to enhancing shareholder value and regularly evaluates a wide range of strategic, financial and operational alternatives. However, there is no guarantee that the proposed transaction will be carried out.

Founded by John Nordstrom and Carl Wallin in 1901, the luxury department store chain currently operates more than 350 locations across the country, as well as its Nordstrom and Rack apps and websites.

Rumors about the company seeking to go private emerged last month, as Nordstrom’s founding family was reportedly working with Morgan Stanley and investment bank Centerview Partners to determine if private equity firms have interest in a deal.