Iconic department store Nordstrom will go private in a $6.25 billion deal with the founding Nordstrom family and Mexican retailer El Puerto de Liverpool.WHO: Since starting as a shoe store in 1901, how to best serve customers has been at the center of every Nordstrom decision. This heritage of service is the foundation of the business across 350 Nordstrom, Nordstrom Local, and Nordstrom Rack locations or digitally through Nordstrom and Rack apps and websites.176-year-old El Puerto de Liverpool is a Mexican omnichannel retailer with a leading presence in department stores and a robust e-commerce platform. It operates across Mexico with 310 stores under the Liverpool and Suburbia banners, 119 specialized boutiques, and 29 shopping centers.WHY: The deal provides an opportunity for Nordstrom to realign its strategy as it prepares for the next phase of retail without reporting financials to public shareholders. Nordstrom had rebuffed an offer from the family back in 2018 worth $8.4 billion, far more than the latest bid.IN THEIR OWN WORDS: "The special committee of the Nordstrom Board of Directors reviewed this proposal against the Company's standalone prospects for growth," said Eric Sprunk, Chairman of the special committee. "Following a rigorous and independent evaluation and consultation with outside financial and legal advisors, the special committee unanimously concluded that this transaction offers greater value for all public shareholders at a significant premium to the unaffected share price.""The Nordstrom Board regularly considers alternatives to enhance value, culminating in this most recent process," added Brad Tilden, Chairman of the Nordstrom Board.