The Revenue Rises
Trending Now
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
DP Trading Room: Key Support Levels for the...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Retirees ‘stunned’ as market turmoil over tariffs shrinks...
Week Ahead: NIFTY Set To Open Lower; Relative...
Market Drop Compared to 2020: What You Need...

The Revenue Rises

Business

Nordstrom to go private in $6.25 billion deal with founding family, Mexican retailer

by admin December 25, 2024
December 25, 2024
Nordstrom to go private in $6.25 billion deal with founding family, Mexican retailer

Nordstrom on Monday announced it will become a private company after it agreed to a buyout deal valued at roughly $6.25 billion from Nordstrom’s founding family and Mexican department store El Puerto de Liverpool.

The company’s board of directors unanimously approved of the transaction, which is expected to close in the first half of 2025.

As part of the deal, the Nordstrom family will have majority ownership in the company, with 50.1%, and Liverpool will own 49.9%. Common shareholders will receive $24.25 in cash for each share of Nordstrom common stock they hold, according to a press release.

“For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” Nordstrom CEO Erik Nordstrom said 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.”

It’s not the first time the retailer has tried to go private. A previous effort fizzled out in 2018. In September, the Nordstrom family offered $23 a share for the chain, which valued the company at roughly $3.76 billion.

Nordstrom stock fell roughly 1% in early trading. Shares of the company have shot up since a Reuters report in March that the family wanted to take the company private. 

Nordstrom beat Wall Street’s sales expectations in November for the fiscal third quarter, as revenue grew about 4% year over year. But the company gave only a slightly rosier full-year sales forecast as it said it expected a soft holiday season.

Luxury clothing stores have been under pressure as retailers including Walmart, Best Buy and Target have reported that customers remain choosy when it comes to buying items that are wants, not needs, and have paid more attention to price.

Nordstrom was founded as a shoe store in 1901 before transitioning into a department store that sells a wide variety of clothing and accessories across more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations.

El Puerto de Liverpool operates two other department store chains, Liverpool and Suburbia, and owns 29 shopping centers across Mexico.

This post appeared first on NBC NEWS

previous post
DP Trading Room: Deceptive Volume Spikes
next post
S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7%

Related Posts

Coca-Cola takes on Olipop and Poppi with new...

February 20, 2025

Mortgage refinance demand jumps to a 2-year high,...

July 18, 2024

FTC asks to delay Amazon Prime deceptive practices...

March 13, 2025

New Starbucks CEO Brian Niccol commits to working...

September 27, 2024

JPMorgan Chase CEO Jamie Dimon says DOGE ‘needs...

February 26, 2025

Balancing a fixed income with inflation, a Georgia...

July 27, 2024

Home prices hit record high in June on...

August 31, 2024

Consumer protection board sues Walmart and fintech firm...

December 25, 2024

Southwest to get rid of open seating, offer...

July 27, 2024

Ad revenue should stabilize for media companies in...

December 31, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • DP Trading Room: Key Support Levels for the SPY
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise

    Popular Posts

    • 1

      Polls show some good early signs for Kamala Harris

      July 26, 2024
    • 2

      Solana and Cardano: Solana is waiting for a new impulse

      July 18, 2024
    • 3

      The presidential race shifts — modestly, so far — toward Harris

      August 6, 2024
    • 4

      Donald Trump’s imaginary and frightening world

      September 23, 2024
    • 5

      DP Trading Room: PMO Sort on Earnings Darlings

      July 18, 2024

    Categories

    • Business (663)
    • Economy (965)
    • Politics (873)
    • Stocks (749)

    Disclaimer: therevenuerises.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 The Revenue Rises. All Rights Reserved.