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.

NEW YORK Nordstrom Inc. on Tuesday reported a larger-than-expected loss and a 53% drop in sales for its fiscal second quarter, during which the pandemic forced the upscale department store chain to temporarily close its stores. The Seattle-based retailer's business was also hurt by the shift of its anniversary sales from the fiscal second quarter that ended Aug. 1 to the third quarter. Nordstrom's stores have now reopened but stores were temporarily closed during half of the fiscal second quarter. During the fiscal first quarter, Nordstrom cut inventory by more than 25% to reduce markdowns. As a result, profit margins on merchandise in the second quarter improved and exceeded the company's expectations.