Breaking news in the retail world today: the Nordstrom family is leading a group of investors making a $3.8 billion offer to buy out their namesake department store and take it private.

It's a bold move in the context of today's retail landscape and the challenges that come along with it, as many competing department stores are merging, shrinking their footprints or close up shop altogether.

For more on this, KCBS Radio news anchors Bret Burkhart and Patti Reising spoke with Jerry Storch, CEO of Storch Advisors. He's the former CEO of HBC (the owner of Saks Fifth Avenue and other department stores), former chairman and CEO of Toys-R-Us and a former Vice Chairman of Target.

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