The Nordstrom family is taking back control of its store in a $6.25 billion deal
New York CNN — Nordstrom, the upscale department store chain, is going private in a $6.25 billion deal with its founding family. The retailer announced Monday that the family — Erik, Pete and Jamie Nordstrom — as well as Mexican department store chain El Puerto de Liverpool will acquire the remaining shares they don’t own, giving the family a majority ownership stake in the 123-year-old company. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.” Nordstrom’s founding family tried taking the retailer private in 2018 at $50 per share, but the board said that was too low of a price. Neil Saunders, managing director of GlobalData, praised the change in a note writing that the family and their backers can “make necessary investments and changes away from the short term scrutiny of public markets.” “The family have the talent and ability to enact change as does El Puerto de Liverpool.
Why have upscale retailer Nordstrom and other apparel giants lost their luster?
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