USA luxury department store chain Nordstrom announced on Monday that it has agreed to a purchase Trade valued at approximately 6.25 billion USD with Nordstrom's founding family and Mexican department store El Puerto de Liverpool, after which it will become a private company.

The company's Board of Directors unanimously approved the Trade, which is expected to be completed in the first half of 2025.

As part of the Trade, the Nordstrom family will hold a majority stake of 50.1% in the company, while El Puerto de Liverpool will hold 49.9%.

According to a press release, each share of Nordstrom common stock held by ordinary Shareholders will receive 24.25 USD in Cash.

This is not the retailer's first attempt at privatization. The company previously attempted a similar Trade in 2018 but it ended in failure.

Nordstrom's sales for the third fiscal quarter ending in November exceeded Wall Street's expectations, with revenue growing by approximately 4% year-on-year. However, the company is only slightly optimistic about the full-year sales forecast, as it expects a weak holiday season.

In recent years, luxury Apparel Stores have been under pressure as retailers, including Walmart, Best Buy, and Target, have reported that customers remain selective when purchasing discretionary Consumer goods over necessities and are more price-conscious.