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Nordstrom Nears Going Private: Report

Mexican retailer, founding family to buy luxury chain.

Published

12 months ago

December 19, 2024

INSTORE Staff

Nordstrom’s flagship store in its hometown of Seattle. PHOTO: ISTOCKPHOTO

Erik and Pete Nordstroms’ quest to take the department store chain bearing their last name private are nearing fruition, reports Women’s Wear Daily. Sources told the fashion business newspaper that the Nordstrom family and Mexican retailer El Puerto de Liverpool (Mexico City) are close to signing a deal to buy Nordstrom Inc. (Seattle).

An agreement could come together as early as this week; if not, by the end of the year. However, Nordstrom did not respond to a WWD request for comment late Wednesday.

In September, the family and the Mexican retailer offered to buy Nordstrom for $23 a share, or $3.8 billion — seven years after the Nordstroms tried to buy the company at $50 a share and were rejected.

The combination of the Nordstroms and Liverpool would be difficult to outbid as the family owns about a third of the company’s stock and Liverpool holds a nearly 10% stake.

Erik Nordstrom leads the business as CEO and his brother Peter is President and Chief Brand Officer, and taking the business private would give them a chance to reset the department store away from the prying eyes of Wall Street, WWD notes.

Related Topics: business News Nordstrom Nordstrom Inc report retail retailer

INSTORE Staff

Since launching in 2002, INSTORE has won 89 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

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