Dec. 23 (UPI) — Clothing retail giant Nordstrom announced on Monday that it is going private in a $6.25 billion deal involving the founding family members of the company and Mexican department store El Puerto de Liverpool.
The company said it expects to complete the process by the first half of 2025 with the family owning 50.1 of the company and Liverpool owning the other 49.9%. Nordstrom tried to go private in 2018, but those efforts failed. At that time, the family offered $23 per share, valuing the company at $3.76 billion.
In the new offer, the Nordstrom family is offering $24.25 in cash for Nordstrom common stock.
“For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” Erik Nordstrom, chief executive officer of Nordstrom said in a statement.
“Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.”
Pete Nordstrom, a chief brand officer with the company said taking the company private was needed to make a “commitment in this next phase of the company’s evolution.”
“We’re grateful to the employees, customers and shareholders who have shaped Nordstrom into the company it is today,” he said.
Nordstrom has more than 350 locations while El Puerto de Liverpool is a Mexican omnichannel retailer with a strong e-commerce platform.
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