Shareholders of US department store chain Nordstrom have approved its previously announced merger with Norse Holdings and its subsidiary Navy Acquisition.
The deal will result in Nordstrom becoming a wholly owned subsidiary.
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The shareholder approval was reached during a virtual Special Meeting, where preliminary results from the vote were disclosed.
Nordstrom anticipates finalising the merger around 20 May 2025, contingent upon meeting or waiving any outstanding conditions necessary for its completion.
In 2024, the Nordstrom family, who held a significant 30% share of the company, signalled its intention to pursue full ownership.
This initiative was spearheaded by Pete and Erik Nordstrom along with other family members who indicated their willingness to place an offer for the company.
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By GlobalDataThe family partnered with Mexican real estate giant El Puerto de Liverpool to buy out the remaining Nordstrom shares for an estimated value of $6.25bn.
The move is set to re-instate the Nordstrom family as majority shareholders with a 50.1% stake in the company, while Norse Holdings will serve as the parent entity.
Nordstrom chief brand officer Pete Nordstrom stated: “We’re grateful to the employees, customers and shareholders who have shaped Nordstrom into the company it is today. Since our founding in 1901, we have been committed to providing our customers with the best possible service – and to improving it every day. We look forward to building on that commitment in this next phase of the company’s evolution.”
In the full year 2024, Nordstrom’s total revenue, which includes retail sales and credit card income, experienced a growth of 2.2%.
When adjusting for the impact of an extra week in the fiscal calendar, this rise translates to an enhanced growth rate of 3.6%. Comparable sales mirrored this upward trend with an increase of 3.6%.
