Nordstrom to go private after acquisition with family, Mexican retail group
SEATTLE - Nordstrom is going private after the Seattle-based department store chain was recently bought out by members of the Nordstrom family and a Mexican retail group.
Erik, Pete, Jamie Nordstrom and other members of the Nordstrom family, along with El Puerto de Liverpool, announced Tuesday they have completed an all-cash acquisition of Nordstrom for $24.25 per share.
Nordstrom to be acquired by Nordstrom family and a Mexican retail group for $6.25 billion
Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group for $6.25 billion, the company said Monday.
Nordstrom common stock will be delisted from the New York Stock Exchange on May 21, 2025.
The backstory:
The process to take the century-old company private began after former executive and chairman Bruce Nordstrom passed away in May 2024.
The Nordstrom family soon teamed up with El Puerto de Liverpool, acquiring the namesake retailer for $6.25 billion late last year. Early buyout negotiations began in 2017.
Shareholders of the company will also be paid cash dividends of $0.25 per share and $0.1462 per share, reflecting the special cash dividend and a "stub period" quarterly dividend, a press release states.
"The completion of this transaction is an important milestone in our nearly 125-year history," said Erik Nordstrom, co-CEO of Nordstrom. "As we embark on this new chapter, we remain focused on what matters most: providing outstanding service, offering the best merchandise, and ultimately, helping our customers feel good and look their best. We're grateful to our teams for their hard work on behalf of our business and our customers, and we look forward to building on Nordstrom's strong foundation to reach even greater heights."
FILE - A Nordstrom store in Pittsburgh is shown on June 3, 2024. (AP Photo/Gene J. Puskar, File)
"Since our founding, Nordstrom's commitment to our customers has been at the heart of everything we do," said Pete Nordstrom, co-CEO of Nordstrom. "We're excited to enter this next phase of the Company's evolution with the many customers and employees who have been an instrumental part of our story."
Nordstrom, headquartered in downtown Seattle, was founded in 1901, originally operating as a shoe store before expanding and becoming the American luxury department store chain known today.
The Source: Information in this story came from a press release by Nordstrom, the Associated Press and FOX 13 Seattle reporting.
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