Nordstrom\u00a0on Monday\u00a0announced\u00a0it will become a private company after it agreed to a buyout deal valued at roughly $6.25 billion from\u00a0Nordstrom\u2019s founding family and Mexican department store El Puerto de Liverpool.<\/p>\n
The company\u2019s board of directors unanimously approved of the transaction, which is expected to close in the first half of 2025.<\/p>\n
As part of the deal, the Nordstrom family will have majority ownership in the company, with 50.1%, and Liverpool will own 49.9%. Common shareholders will receive $24.25\u00a0in cash for each share of Nordstrom common stock they hold, according to a press release.<\/p>\n
\u201cFor over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,\u201d Nordstrom CEO Erik Nordstrom said in a press release. \u201cToday 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.\u201d<\/p>\n
It\u2019s not the first time the retailer has tried to go private. A previous effort\u00a0fizzled out\u00a0in 2018. In September, the Nordstrom family\u00a0offered $23 a share\u00a0for the chain, which valued the company at roughly $3.76 billion.<\/p>\n
Nordstrom stock fell roughly 1% in early trading. Shares of the company have shot up since\u00a0a Reuters report in March\u00a0that the family wanted to take the company private.\u00a0<\/p>\n
Nordstrom\u00a0beat Wall Street\u2019s\u00a0sales expectations in November for the fiscal third quarter, as revenue grew about 4% year over year. But the company gave only a slightly rosier full-year sales forecast as it said it expected a soft holiday season.<\/p>\n
Luxury clothing stores have been under pressure as retailers including\u00a0Walmart,\u00a0Best Buy\u00a0and\u00a0Target\u00a0have reported that customers remain choosy when it comes to buying items that are wants, not needs, and have paid more attention to price.<\/p>\n
Nordstrom was founded as a shoe store in 1901 before transitioning into a department store that sells a wide variety of clothing and accessories across more than 350 Nordstrom, Nordstrom Local and\u00a0Nordstrom Rack\u00a0locations.<\/p>\n
El Puerto de Liverpool operates two other department store chains, Liverpool and Suburbia, and owns 29 shopping centers across Mexico.<\/p>\n<\/p>\n
Nordstrom\u00a0on Monday\u00a0announced\u00a0it will become a private company after it agreed to a buyout deal valued at roughly $6.25 billion from\u00a0Nordstrom\u2019s founding family and Mexican department store El Puerto de Liverpool. The company\u2019s board of directors unanimously approved of the transaction, which is expected to close in the first half of 2025. As part of the […]<\/p>\n","protected":false},"author":0,"featured_media":13469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=13468"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/13469"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=13468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=13468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=13468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}