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Nordstrom has been family-owned since being founded in Seattle in 1901 by John W. Nordstrom, a Swedish immigrant.

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The Nordstroms built their empire from a single shoe store in Seattle to one of the biggest names in fashion retail.

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

The company is also focusing on maintaining a mix and balance in its inventory to boost sales and improve stock levels.