PORTLAND, Ore. (Portland Tribune) — Department store chain Nordstrom announced Monday, Dec. 23, it will become a private company, after it agreed to a $6.25 billion buyout by a Mexican department store and the Nordstrom family, which founded the company more than 100 years ago.
The decision was made by unanimous decision of Nordstrom’s board of directors. The deal is expected close in the next six months.
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The Nordstrom family will continue to own a majority ownership in the company, with 50.1%, while Mexican chain El Puerto de Liverpool, will own the rest.
Shareholders in the company will receive $24.25 in cash for each share, according to the company.
“For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” Nordstrom CEO Erik 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.”