By Fernanda Tronco | The Street
Nordstrom, the luxury fashion retailer, was once owned by its founding family with the same name. However, like most former family-owned companies, the Nordstrom family had to sell most of the company’s ownership to keep the business running.
In the last few years, the Nordstrom family has been trying to regain its business since it was left with a 33% stake in the company but no majority power over its decisions after selling most of its shares.
Maybe it’s because the Nordstrom family considers the company a family heirloom, or maybe it’s because of the company’s unwavering success despite the declining luxury market. Still, either way, the founding family has remained strong in its conviction to get its name-sake company back.
In 2018, the family proposed an $8.4 billion bid to acquire Nordstrom (JWN) , but the offer was rejected because it was deemed too low.
The Nordstrom family tried to make another deal in September, but this time, it joined forces with the Latin American version of their namesake company, El Puerto de Liverpool, a popular Mexican real estate and luxury department store company.
