Fashion retailer Nordstrom has officially gone private after an acquisition valued at $6.25 billion by the Nordstrom family and Mexican retail group, El Puerto de Liverpool.
The acquisition was valued at $24.25 per share, and the deal was announced at the end of last year.
Moving forward, Erik and Pete Nordstrom will run the company as co-CEOs after the deal is completed. The two brothers have been overseeing the luxury fashion retailer, which was founded in 1901.
Erik has previously served as CEO of the fashion brand, and Pete had worked in the role of president.
Erik Nordstrom said: “The completion of this transaction is an important milestone in our nearly 125-year history. 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.”
The company’s common stock will cease trading on the New York Stock Exchange on May 21 and is set to be delisted from the NYSE.
As part of the new business terms, 50.1% of the company will be owned by the Nordstrom family, and 49.9% will be owned by El Puerto de Liverpool.
The fashion retailer recently reported strong earnings in 2024, achieving net sales of $14.5 billion in the fiscal year 2024 compared to $14.2 billion in the fiscal year 2023.
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