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WASHINGTON — Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal with the industry being squeezed by discount chains and other competition. Public companies are under a lot more scrutiny and if private, the Nordstrom may have more leeway in reviving a department store chain that has been attempting to reinvigorate sales for years. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the company's stock as of March 18, when reports of a potential transaction was reported by the media. The acquiring group will also pick up more than $2 billion in Nordstrom debt. The traditional department stores have suffered in the face of withering competition from giants like Walmart and Target, as well as a host of fast-fashion bands and Amazon.com. Nordstrom rivals Macy's and Kohl's have been pressured by major investors to make huge changes in order to return more profit to shareholders. Sales at Nordstrom have essentially flatlined over the past decade or so and it announced last year that it was closing all of its Canadian stores and cutting 2,500 jobs as it winds down operations in the country. Nordstrom first announced plans to expand to Canada in 2012 and opened its first store in Calgary at CF Chinook Centre in September 2014. The offer announced Monday tops the previous $23-per-share bid that the Nordstrom family and Mexican retail group, El Puerto de Liverpool, made in September. The board also plans to authorize a special dividend of up to 25 cents per share, based on Nordstrom’s cash on hand immediately prior to and contingent on the close of the transaction. The deal is expected to close in the first half of 2025, at which time the company's shares will no longer trade publicly. “While a change in ownership does not automatically remedy all of the problems with the department store operation, it will allow the family and their backers to take a long-term view of the business and make necessary investments and changes away from the short-term scrutiny of public markets,” wrote Neil Saunders, Managing Director of GlobalData, in a note to clients. Nordstrom’s board of directors unanimously approved the the proposed transaction, with members Erik and Pete Nordstrom, part of the Nordstrom family taking over the company — recusing themselves from that vote. Following the close of the transaction, the Nordstrom family will have a majority ownership stake in the company. Erik and Pete Nordstrom are the fourth-generation leadership at the Seattle retailer, which was founded in 1901 as a shoe store. Erik is the company’s chief executive and Peter is president. After opening 23 new stores so far this year, the company now operates a combined 381 Nordstrom and Nordstrom Rack stores in the U.S. Nordstrom shares fell about 1.5% Monday, but they are up 34% this year on rumors of a family takeover. The company's stock is still down considerably from post-pandemic highs above $40 per share. In May of this year, Bruce Nordstrom, a retail executive who helped expand his family’s Pacific Northwest department store chain into an upscale national brand, died at age 90 . He was one of several Nordstrom family members who in 2017 made a push to take the company private, proposing to buy out the 70% of the department store’s stock they didn’t already own. Those talks failed in 2018 but earlier this year, his sons started another series of buyout negotiations , leading to Monday's announcement.PORT-AU-PRINCE, Haiti (AP) — The United Nations raised the death toll of a recent massacre in which dozens of older people and Vodou religious leaders were killed by a gang in Haiti, and called on officials to bring the perpetrators to justice. Read this article for free: Already have an account? To continue reading, please subscribe: * PORT-AU-PRINCE, Haiti (AP) — The United Nations raised the death toll of a recent massacre in which dozens of older people and Vodou religious leaders were killed by a gang in Haiti, and called on officials to bring the perpetrators to justice. Read unlimited articles for free today: Already have an account? PORT-AU-PRINCE, Haiti (AP) — The United Nations raised the death toll of a recent massacre in which dozens of older people and Vodou religious leaders were killed by a gang in Haiti, and called on officials to bring the perpetrators to justice. The U.N. Integrated Office in Haiti said in a report published on Monday that between Dec. 6 and 11 more than 207 people were killed by the Wharf Jeremie gang. The gang took people from their homes and from a place of worship, interrogated them and then executed them with bullets and machetes. Earlier this month, human rights groups in Haiti had estimated that more than 100 people were killed in the massacre, but the new U.N. investigation doubles the number of victims. “We cannot pretend that nothing happened” said María Isabel Salvador, the U.N. secretary-general’s special representative in Haiti. “I call on the Haitian justice system to thoroughly investigate these horrific crimes and arrest and punish the perpetrators, as well as those who support them,” she said in a statement. Human rights groups in Haiti said the massacre began after the son of Micanor Altès, the leader of the Wharf Jeremie gang, died from an illness. The Cooperative for Peace and Development, a human rights group, said that according to information circulating in the community, Altès accused people in the neighborhood of causing his son’s illness. “He decided to cruelly punish all elderly people and (Vodou) practitioners who, in his imagination, would be capable of casting a bad spell on his son,” the group said in a statement released shortly after news of the massacre emerged. In Monday’s report, the United Nations said that people were tracked down in their homes and in a place of worship by Altès’ gang, where they were first interrogated and then taken to an execution site. The United Nations said that the gang tried to erase evidence of the killings by burning bodies, or by dismembering them and throwing them into the sea. The massacre is the latest humanitarian tragedy in Haiti, where gang violence has intensified since the nation’s president was killed in a 2021 coup attempt. Haiti has struggled to organize an election that will fill the power vacuum and restore democratic rule. The Caribbean nation is currently governed by a transitional council that includes representatives from the business community, civil society and political parties, but its government has no control over many areas of the capital city, and gangs are constantly fighting over ports, highways and neighborhoods. According to the United Nations, more than 5,350 people have been killed in Haiti’s gang wars this year. The Haitian government acknowledged the massacre against older people in a statement issued earlier this month, and promised to persecute those responsible for this act of “unspeakable carnage.” Advertisement The Free Press acknowledges the financial support it receives from , which makes our coverage of religion possible.Oracle Announces Fiscal 2025 Second Quarter Financial Results
Cameron Haffner helps Evansville end five-game skid with 57-40 victory over Missouri StateWhat does 2025 have in store for your star sign?New Delhi: Industry body CII in its budget suggestions for 2025-26 has recommended lowering the excise duty on fuel to boost consumption, especially at the lower income level, arguing that fuel prices significantly drive inflation. The budget could also consider reducing marginal tax rates for personal income up to Rs 20 lakh per annum. This would help trigger the virtuous cycle of consumption, higher growth and higher tax revenue, said CII. ET Year-end Special Reads What kept India's stock market investors on toes in 2024? India's car race: How far EVs went in 2024 Investing in 2025: Six wealth management trends to watch out for Asserting that the gap between the highest marginal rate for individuals at 42.74 per cent and the normal Corporate Tax Rate at 25.17 per cent, is high, it said, inflation has reduced the buying power of lower and middle-income earners. "The central excise duty alone accounts for approximately 21 per cent of the retail price for petrol and 18 per cent for diesel. Since May 2022, these duties have not been adjusted in line with the approximately 40 per cent decrease in global crude prices. Lowering excise duty on fuel would help reduce overall inflation and increase disposable incomes," the industry body said. Chandrajit Banerjee, Director General, CII, said domestic consumption has been critical to India's growth story, but inflationary pressures have somewhat eroded the purchasing power of consumers. "Government interventions could focus on enhancing disposable incomes and stimulating spending to sustain economic momentum. Persistent food inflationary pressures particularly impinge upon low-income rural households who allocate larger share to food in their consumption basket", he added. 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In its pre-budget proposals, CII has also recommended an increase in the daily minimum wage under the MGNREGS from Rs 267 to Rs 375 as suggested by the 'Expert Committee on Fixing National Minimum Wage' in 2017, with the industry body estimating that this will entail an additional expenditure of Rs 42,000 crore. Further, it urged the government to raise the annual payout under the PM-KISAN scheme from Rs 6,000 to Rs 8,000. Assuming 10 crore beneficiaries, this will entail an additional expenditure of Rs 20,000 crore, CII said. The Confederation of Indian Industry (CII) also sought an increase in the unit costs under the PMAY-G and PMAY-U schemes, which have not been revised since the scheme's inception. The CII suggested the introduction of consumption vouchers, targeted at low-income groups to stimulate demand for specified goods and services over a designated period. The vouchers could be designed to be spent on designated items (specific goods and services) and could be valid for a designated time (like 6-8 months), to ensure spending. The beneficiary criteria can be defined as Jan-Dhan account holders who are not beneficiaries of other welfare schemes. Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )