The Nordstrom family, in partnership with Mexican retailer Liverpool, has agreed to take the iconic department store chain private for $4 billion. This move comes after years of declining sales and share prices for Nordstrom and its competitors. The family believes the company is undervalued in the public market.
The Nordstrom family teamed up with Mexican retailer Liverpool to clinch a US$4 billion deal to take iconic department store chain Nordstrom private, six years after a similar attempt fell short.
Talk of a deal re-emerged in March, when Reuters exclusively reported the family was making another attempt at taking the company private.Department stores have struggled to increase sales in the past few years as shoppers cut spending due to higher inflation, and as they shifted to off-price chains such as TJX.
The acquisition, which was cleared by a special committee, gives majority ownership to the family, led by current CEO Erik Nordstrom and President Pete Nordstrom, the great-grandchildren of John Nordstrom, who founded the company in 1901. RCMP are confirming that a fugitive, Mathieu Belanger, wanted by Quebec provincial police has died in Mexico, in what local media are calling a murder.First it was Canada, then the Panama Canal. Now, Donald Trump again wants Greenland. The president-elect is renewing unsuccessful calls he made during his first term for the U.S. to buy Greenland from Denmark, adding to the list of allied countries with which he's picking fights even before taking office.
For the second time in less than a week, a police officer in the Greater Toronto Area was hospitalized after they were exposed to fentanyl while arresting a suspect.Hamilton police say a man charged with a number of drug and weapon-related offences was allegedly keeping a raccoon as a pet.Luigi Mangione pleads not guilty to murder and weapons charges in UnitedHealthcare CEO's death
Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world's third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels.Ford Motor Co F.N is donating US$1 million and a fleet of vehicles to U.S. president-elect Donald Trump's January inauguration, a company spokesperson said on Monday.
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