The outside of the Nordstrom flagship store is seen during a media preview in New York
Reuters

The family that founded the Nordstrom department store brand wants to buy it back and take it private.

The offer is for $23 a share, just a 1% premium over its current share price.

The proposal came in a filing with the Securities and Exchange Commission on Wednesday.

Erik B. Nordstrom, Peter E. Nordstrom and other members of the family are behind the plan.

This isn't the first time the family has attempted to buy the chain.

In 2018, Nordstrom rejected a bid worth $8.4 billion, Reuters reported. It said the offer was too small.

Nordstrom has formed a committee to look at the proposal and confirmed the new offer in a statement on Wednesday.

"The special committee and the other independent directors will carefully review the proposal in consultation with independent financial and legal advisors to determine the course of action that is in the best interests of Nordstrom and all shareholders," it stated.

The company says it does not intend to disclose further developments regarding the proposal until further disclosure is "determined to be appropriate."

There are more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations, according to the company.

The company started as a single shoe store in 1901.

This is a developing story and will be updated.