Nordstrom Inc. has accepted a bid valued at $6.25 billion from the Nordstrom family and Mexican retailer El Puerto de Liverpool to take the company private.

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.

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 to combat competition from discount chains and other industry players.

The great-grandsons of Nordstrom’s founder lead a family group which will take over the company after 53 years on public markets.

Nordstrom will be go private after it's acquired for $6.25 billion by Nordstrom family members and El Puerto de Liverpool, a Mexican department store chain.

As part of the deal, the Nordstrom family will have majority ownership in the company, with 50.1%, and El Puerto de Liverpool will own 49.9%.

Nordstrom will be acquired by its founding family and Mexican retailer Liverpool for nearly $4 billion in an all-cash deal, going private at a time when high-end retailers are grappling with slow demand.