Century-old department store Nordstrom has agreed to a $6.25 billion acquisition deal that will take it private, possibly allowing greater flexibility to revitalize its operations.
The deal, involving Nordstrom's family and a Mexican retail group, offers shareholders $24.25 per share, a 42% premium, as traditional retailers face increasing competition.
Public scrutiny has pressured department stores like Nordstrom, especially as sales have stagnated over the last decade, prompting significant job cuts and store closures.
As the acquisition moves forward, with expected closure in 2025, Nordstrom plans to issue a special dividend of up to 25 cents per share.
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