Nordstrom to Go ‘Private,’ $6.25 Billion Buyout With Mexican Retailer

The deal was approved Monday

 Nordstrom's to go private

The deal, a buyout worth $6.25 billion, is with Mexican retail giant El Puerto de Liverpool.

According to CNBC:

"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 in cash for each share of Nordstrom common stock they hold, according to a press release."

For over a century the Nordstrom family has overseen the retailer, there  are numerous locations in the Pacific Northwest, including WA State.  That includes locations in Eastern  WA in Union Gap near Yakima and in Spokane.

Nordstrom, which started  as a shoe store in 1901, has been seeking to increase their competitive share in the face of increased competition from Walmart, Target, and others. Nordstrom has 350 locations between their regular stores, Nordstrom Rack and Nordstrom Local.

According to CNBC:

"El Puerto de Liverpool operates two other department store chains, Liverpool and Suburbia, and owns 29 shopping centers across Mexico."

Six years ago, Nordstrom attempted to go private, but the deal fell through.