Nordstrom family partners with Mexican group to buy out shareholders

NEW YORK CITY, New York: The Nordstrom family, in partnership with Mexican retail group El Puerto de Liverpool, has bid to take the 122-year-old department store chain private for US$3.76 billion.

In a letter to the board of directors, Erik Nordstrom, the company's CEO, said the family, which already owns 33.4 percent of Nordstrom's stock, is offering to buy out other shareholders at $23 per share.

El Pu