Nordstrom agrees to a $6.25 billion purchase from the founding family

(Reuters) – Nordstrom (JeonEl Puerto de Liverpool said Monday it will be acquired by its founding family and Mexican retailer El Puerto de Liverpool in an all-cash deal that values ​​the department store chain at about $6.25 billion.

The deal provides shareholders with $24.25 in cash, a slight discount to the stock’s close on Friday. The company’s shares were down nearly 2% before the bell.

The acquisition gives the family of CEO Eric Nordstrom and President Pete Nordstrom a majority ownership stake in the company, and comes at a time when department store chains across the U.S. are grappling with muted sales amid rising costs.

Reuters first reported last March, citing sources, that the founding family was looking to transform the company into a private company, six years after a similar attempt failed.

(Reporting by Saviyata Mishra in Bengaluru; Editing by Devika Simnath)