The Nordstrom family has announced plans to take its namesake department store private. This decision comes amid increasing pressure on traditional department stores from discount chains and online retailers. The deal, valued at $6.25 billion, involves a partnership with the Mexican retail group El Puerto de Liverpool to acquire all outstanding shares of Nordstrom. The transaction is expected to close in the first half of 2025.

“For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” said Erik Nordstrom, chief executive officer of Nordstrom in a press release. “Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.”

Pete Nordstrom, chief brand officer of Nordstrom added: “Since our founding in 1901, we have been committed to providing our customers with the best possible service – and to improving it every day. We look forward to building on that commitment in this next phase of the Company’s evolution.”