After multiple failed attempts, the Nordstrom family—with the help of another investor—is finally taking their namesake department store private. What does this mean for other department stores? Nordstrom on Monday announced that it had agreed to be taken private by the family,

Members of the Nordstrom family are taking its namesake department store chain private with Mexican retailer El Puerto de Liverpool, in a deal announced Monday that values the company at $6.25 billion.

The current owners of Lord & Taylor plan to revive the brand although it will only have an online presence for now.

Department store Nordstrom is set to go private as part of an approximately $6.25 billion deal, the company announced Monday.

The Nordstrom family teamed up with Mexican retailer Liverpool to clinch a $4 billion deal to take iconic department store chain Nordstrom private, six years after a similar attempt fell short. Nordstrom and rivals such as Macy's have become enticing takeover targets in recent years as sales have slowed and shares have slumped.

Seattle-based Nordstrom has agreed to be acquired and taken private by members of the longtime retail family and El Puerto de Liverpool, a Mexican retailer, in an all-cash-deal valued at $6.25 billion,