NORDSTROM FAMILY AND LIVERPOOL COMPLETE ACQUISITION OF NORDSTROM

Erik, Pete, Jamie Nordstrom and other members of the Nordstrom family and El Puerto de Liverpool, have completed their all-cash acquisition of Nordstrom for $24.25 per share. Shareholders of the Company will also be paid cash dividends of $0.25 per share and $0.1462 per share, reflecting the special cash dividend and a “stub period” quarterly dividend.

Following the transaction, Erik and Pete will assume the role of Co-CEOs of Nordstrom and trading of the company will be delisted from the New York Stock Exchange effective today.

“The completion of this transaction is an important milestone in our nearly 125-year history,” said Erik Nordstrom, co-CEO of Nordstrom. “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.”

“Since our founding, Nordstrom’s commitment to our customers has been at the heart of everything we do,” said Pete Nordstrom, co-CEO of Nordstrom. “We’re excited to enter this next phase of the Company’s evolution with the many customers and employees who have been an instrumental part of our story.”

Nordstrom, which was founded in 1901, originally went public in 1971 and was listed on the NYSE in 1999. In 2017 the family first went public with the idea of taking the company private again. The decision was a reaction to retail contractions driven by a contraction of retailers in the wake of online shopping. In a statement in 2017, analyst Neil Stern said, “Because of the changing dynamics in the retail environment, the Group is evaluating whether the long-term interests of the Issuer are better served as a privately held company, that probably means the business needs some restructuring and it would probably be best to do that outside the public eye. It’s hard for a retailer to turn around when everyone’s hanging on their quarterly earnings statements. Going private buys you some leeway.”