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.

Nordstrom will soon operate under new ownership. According to the Associated Press, the retailer is being sold to Nordstrom family members and a Mexican retail group for $6.25 billion. The new ownership will operate the store as a private company while also picking up Nordstrom’s $2 billion debt,