Nordstrom on Monday Announce The company will become a private company after agreeing to a deal worth about $6.25 billion between Nordstrom’s founding family and Mexican department store El Puerto de Liverpool.

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

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

“For more than a century, Nordstrom has been guided by the fundamentals of helping customers feel good and look their best,” Nordstrom CEO Erik Nordstrom said in a release. “Today This marks an exciting new chapter for our business. On behalf of my family, I look forward to working with our team to ensure Nordstrom thrives long into the future.”

This isn’t the retailer’s first attempt at going private. previous efforts failed In September 2018, the Nordstrom family Priced at $23 per share The chain values ​​the company at about $3.76 billion.

Nordstrom shares fell about 1% in early trading. Since then, the company’s stock price has skyrocketed Reuters report in March The family hopes to take the company private.

Nordstrom beat wall street The sales forecast for the third fiscal quarter in November is about 4% year-on-year revenue growth. But the company gave only a slightly optimistic full-year sales forecast as it said it expected a weaker holiday season.

Luxury clothing stores have been under pressure as retailers including Walmart, best buy and Target Customers are reportedly still picky when it comes to buying what they want rather than what they need, and pay more attention to price.

Founded in 1901 as a shoe store and later a department store, Nordstrom sells a variety of apparel and accessories at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack stores.

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