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Jeannette Neumann | (TNS) Bloomberg News The Nordstrom family is joining forces with a Mexican retailer to take its namesake department store private in an all-cash transaction valued at about $6.25 billion, including debt. Related Articles Business | New shoplifting data explains why they’re locking up the toothpaste Business | Nicotine pouches are selling fast — and falling into minors’ hands Business | Elon Musk’s preschool is the next step in his anti-woke education dreams Business | A busy 2024 set up big challenges for Disneyland in 2025 Business | Netflix is airing 2 NFL games on Christmas Day. Here’s what to know The founding family is betting that the century-old retail chain will be more successful without the scrutiny and demands of the public market after shares in Nordstrom Inc. plunged 40% in the last five years. During the same period, the S&P 500 rose 84%. As part of the transaction, which is expected to close in the first half of 2025, the family and Mexican department-store chain El Puerto de Liverpool SAB will acquire all of the outstanding common shares of Nordstrom. The Nordstrom family will have a majority ownership stake in the company of 50.1%, with Liverpool owning 49.9%. Nordstrom common shareholders will receive $24.25 in cash for each share of Nordstrom common stock they hold under the terms of the agreement, the company said Monday. That’s roughly in line with where shares were trading on Monday. Shares in Nordstrom fell as much as 1.3% on Monday in New York. The company’s stock was up 33% so far this year as of Friday’s close as reports of a take-private deal boosted the stock price. The board’s acceptance of the offer underscores Nordstrom’s decline from its peak and its subdued growth prospects. In 2018, the board rejected the family’s bid to take the company private at $50 per share as too low. Nordstrom’s annual revenue, including income from credit cards, peaked at $15.9 billion in the fiscal year ended February 2019. The company was hit hard by Covid-19 and has never returned to its pre-pandemic highs. Nordstrom is expected to report $14.9 billion in total revenue at the end of the current fiscal year, according to a Bloomberg survey of analysts. Other department-store chains in the U.S. have also struggled as shoppers pivot to online competitors such as Amazon.com Inc., or brand-specific stores such as Louis Vuitton. Executives at Macy’s Inc., for example, are shrinking the company’s store fleet to cut costs, while the owners of Saks Fifth Avenue bought Neiman Marcus Group earlier this year. During the past couple of years, investors had hoped that Nordstrom Rack, its off-price chain, could help buoy the company’s growth prospects and compensate for sluggish sales at the more upscale flagship chain. Shoppers flocked to competitors such as TJ Maxx, seeking deals as inflation soared post-pandemic. But Rack’s performance has been spotty. It stumbled when executives tweaked their strategy and stopped offering as many high-end fashion brands at a discount. Rack reversed course and sales have bounced back. Company executives have focused on opening more Rack stores in recent quarters, boosting revenue. In November, Nordstrom raised the lower end of its annual sales guidance after revenue was better than expected at Rack and the flagship chain. But the outlook is still weak, highlighting the attraction of going private: The company is forecasting that annual sales, including credit-card revenues, will be flat to up 1% versus last year. The take-private deal will be financed through a combination of rollover equity by the Nordstrom family and Liverpool, cash commitments by Liverpool, up to $450 million in borrowings under a new $1.2 billion ABL bank financing, and company cash on hand. The board also intends to pay a special dividend of up to 25 cents a share in cash contingent on the deal closing. The transaction must be approved by holders of two-thirds of the company’s common stock shareholders and the holders of a majority of the shares not owned by the Nordstrom family or Liverpool. Erik and Peter Nordstrom, who are members of the company’s board, recused themselves from the vote, which unanimously approved the transaction. “On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future,” said Erik Nordstrom, chief executive officer of Nordstrom. Liverpool, run by descendants of a French shareholder group that dates back more than a century, is one of Mexico’s most important department store chains, with an ornate flagship location in the capital’s historic center. The $7 billion publicly-traded company has ventured beyond Mexico in recent years, acquiring a stake in Latin American retail operator Unicomer in 2011 and attempting unsuccessfully to acquire control of Chile’s Ripley SA in 2015 before turning its eyes to the U.S. with the Nordstrom investment. Max David Michel, part of Liverpool’s founding family and one of the richest people in the country, retired as head of Liverpool’s board earlier this year. (Updates to include what stock is trading at versus the offer price.) ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.The nation’s equity market on Tuesday sustained growth trajectory, appreciating by N504 billion as gains in the shares of highly capitalised companies lifted market activities. Market capitalisation of listed equities increased by 0.82 per cent to N61.944 trillion from N61.440 trillion reported the previous day. The NGX All Share Index also appreciated by 829.88 basis points to 102186.03 points from 101356.15 points reported the previous day. the positive performance recorded during the day was driven by gains in the shares of United Bank for Africa, PZ Cusson, Eterna Plc, Wapco, A review of the transactions showed that MRS led gainers table during the day, appreciating 10 per cent to close at N217.80 per unit, Ikeja Hotel followed with a gain of 9.95 per cent to close at N11.05 per share, Multiverse added 9.90 per cent to close at N5.55 per unit, Skyvn gained 9.84 per cent to close at N30.70 per unit, John Holt increased by 6.69 per cent to close at N6.45 per share. On the contrary, Thomas Way topped losers chart, dropping by 10 per cent to close at N1.71 per share, Caverton Business Solutions trailed with a loss of 7.35 per cent to close at N2.27 per share, Wapic Insurance down by 5.03 per cent to close at N1.70 per unit, HMCall and Live stock fell by 5.00 per cent each to close at N4.75 and N3.80 per share respectively.Administrator Guzman Launches SBA's AI for Small Businesses Resource Hub, Participates in Summit Fireside Chat ATLANTA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- On Tuesday, Dec. 10, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden's Cabinet for America's more than 34 million small businesses, traveled to Atlanta to host the inaugural SBA AI Small Business Summit and officially launch SBA's AI for Small Businesses Resource Hub . SBA's first AI Small Business Summit, held in conjunction with Georgia Tech and in collaboration with leading technology companies, innovators, and investors, highlighted the launch of SBA's AI for Small Businesses Resource Hub - a space for small business owners to learn about AI and AI innovators to learn about the resources available to them at the SBA and across the federal government. "Artificial intelligence has the capacity to drive exponential growth for the United States economy and for small businesses across the country,” said Administrator Guzman. "From Main Street shops to manufacturers, staying up to date with the latest technology is essential for business growth and resilience. And it is our nation's innovative startups that will help deliver AI for the future. So, whether you are creating the next tech solution or leveraging it, SBA's AI for Small Businesses Resource Hub can provide you with a launch point to access partners, tools and resources for a seamless integration of AI.” In addition to SBA Administrator Guzman, the AI Small Business Summit's speakers included Microsoft, Google, Mailchimp, and OpenAI, as well as small businesses and experts from co-host Georgia Tech. The summit discussions were an opportunity for small business owners to hear from experts and gain a greater understanding of the possibilities AI has within the daily operations of their businesses. Under the Biden-Harris Administration, the country has seen more than 20 million new business applications filed nationwide - including over one million in Georgia alone. The SBA just released new data showing significant spikes in SBA lending including a continued upward trend doubling small dollar loans under $150,000 and increased lending to underserved communities: Black-, Latino-, minority, rural and women-owned small businesses, as well as lending in rural communities . ### About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov . CONTACT: SBA HQ Press Team U.S. Small Business Administration [email protected]
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Nana Addo Dankwa Akufo-Addo is the President of Ghana President Nana Addo Dankwa Akufo-Addo has condemned the violent acts that have marred the democratic process following the conclusion of the 2024 general elections. He indicated that using violent means to register displeasure with authorities is not the best way to go, as it could jeopardise the stability of the nation. Akufo-Addo called on the security agencies to also make sure that persons who are found culpable of causing chaos after the 2024 Election are dealt with drastically to serve as a deterrent. Addressing the nation in a televised Christmas message on December 24, 2024, President Akufo-Addo stressed the need for peace to be upheld to sustain the nation’s democracy. “I must, nevertheless, also condemn in no uncertain terms the unnecessary acts of violence that have tarnished an otherwise exemplary democratic exercise. Let us never forget that seeking power is not a call to arms, but rather a call to service. “Those who might contemplate using violence to achieve their aims should know our nation’s peace is sacred and it will not be sacrificed on the altar of ambition. I urge the security services to take a firm stance against any actions that threaten the stability and harmony of our land,” he said. Regarding the festive season, the president said, “As we gather around our tables to share meals, let us think of those who make our celebrations possible.” There were some chaotic instances that took place after the 2024 general elections, with the Ghana Police Service arresting some individuals involved. After the December 2024 polls, there have been security concerns across the country. Catch Etsey Atisu’s interview with security analyst, Adib Saani, on Election Desk on GhanaWeb TV below: SB/AE
Killing of UnitedHealthcare CEO Spotlights Complex Challenge Companies Face in Protecting Top BrassSeveral individuals on late Friday night allegedly barged into the detention room of Vice President Sara Duterte’s chief of staff, Zuleika Lopez, at the House of Representatives. Lopez broke into tears when she held an unexpected midnight press conference, saying several men went into her room in the middle of the night and planned to confiscate her phone. Lopez was also asked to read something—which was an order of her immediate transfer to Mandaluyong City from Quezon City—but she refused to do so. She said it was members of the Philippine National Police (PNP) who barged into her facility. "What happened was nakapajama na kami because we're going to sleep, and they [banged at my door] and they just entered, because in this facility the lock is outside," Lopez said. "It's not just the one person, which is the usual. So we were surprised kasi what's that about. And then suddenly they came, PNP and some other persons parang in uniform," she added. Lopez said she was read with a transfer order, but she refused to oblige and insisted on staying in her room. "And then I told them to go out... I pushed them back, and I said get out, get out. And then I called the Vice President because she was here," she added. Lopez said her life is now "being threatened." She also complained about the “lack of justice” in the country. "I have my rights. I am not moving. I am not leaving this room," she said. On Friday, Manila 3rd District Rep. Joel Chua, chairman of the House Committee on Good Government and Public Accountability, ordered the immediate transfer of Lopez to the Women's Correctional Facility in Mandaluyong from House detention in Quezon City. This came after Duterte insisted on staying within the House compound until after the new year to be able to join Lopez in detention. Meanwhile, Duterte also appeared at the same press conference and hit the Marcos administration for the political persecution that the OVP staff is currently experiencing. "Lagi nilang sinasabi disrespectful kami. Eh sila yung disrespectful sa opisina ng Vice President. Kung ano yung ginagawa nila samin, yun lang din yung ginagawa namin sa kanila (They always say that we're disrespectful. But they're the ones disrespecting the OVP. What they're doing to our office, that's what we also do to them)," she said. "Bastos sila? Bastos din kami (They're rude? Then we're also rude)," she added.
Deion: Shedeur Sanders, Travis Hunter insured for bowl gameMnangagwa’s Spokesperson Urges Mozambique to Clamp Down on Opposition ProtestsSANTA CRUZ, Calif. (AP) — Persistent high surf and flooding threats along California’s coast had residents on high alert a day after a major storm was blamed for one man’s death and the partial collapse of a pier , which propelled three people into the Pacific Ocean. The National Weather Service on Christmas Eve warned of dangerous, large-breaking waves of up to 35 feet (10.7 meters). Its latest high surf warning will be in effect until 6 p.m. Tuesday. “Large waves can sweep across the beach without warning, pulling people into the sea from rocks, jetties and beaches,” the weather service said in a Christmas Eve bulletin. In Santa Cruz, where a municipal wharf under construction partially collapsed on Monday, most beaches were cordoned off as they were inundated with high surf and debris. Residents received an alert on their phones Tuesday morning notifying them to “avoid all beaches including coastal overlook areas such as rocks, jetties or cliffs.” It warned powerful waves could sweep entire beaches unexpectedly. Local officials said there could be further damage to the wharf, but no more pieces broke off overnight. The wharf collapsed and fell into the ocean midday Monday, taking three people with it. Two people were rescued by lifeguards and a third swam to safety. No one was seriously injured. Santa Cruz Mayor Fred Keeley said in the weeks and months ahead officials will have to assess long-term solutions for protecting the coastal city from the impacts of climate change . “Hallelujah that no one was hurt in this, which could have been orders of magnitude worse in terms of any injuries to human beings and damage to property onshore and offshore,” he said at a media briefing Tuesday. “But I think we have somewhat of a question mark as we move through time,” he added. “And I don't think we're by ourselves. I think this is what coastal communities around the world are probably dealing with.” The structure was in the middle of a $4 million renovation following destructive storms last winter about 70 miles (112 kilometers) south of San Francisco. “It’s a catastrophe for those down at the end of the wharf,” said David Johnston, who was allowed onto the pier on Monday to check on his business, Venture Quest Kayaking. Tony Elliot, the head of the Santa Cruz Parks & Recreation Department, estimated that about 150 feet (45 meters) of the end of the wharf fell into the water. It was immediately evacuated and will remain closed indefinitely. Some of the wharf’s pilings are still in the ocean and remain “serious, serious hazards” to boats, the mayor said. Each piling weighs hundreds of pounds and is being pushed by powerful waves. “You are risking your life, and those of the people that would need to try and save you by getting in or too close to the water,” the National Weather Service’s Bay Area office said on the social platform X. Building inspectors were looking at the rest of the pier’s structural integrity. Some California cities ordered beachfront homes and hotels to evacuate early Monday afternoon as forecasters warned that storm swells would continue to increase throughout the day. In Watsonville along the Monterey Bay, first responders were called to Sunset State Beach, a state park, around 11:30 a.m. Monday for a report of a man trapped under debris. The Santa Cruz County Sheriff’s Office believes a large wave pinned him there. The man was pronounced dead at a hospital. The storm’s high surf also likely pulled another man into the Pacific Ocean around noon Monday at Marina State Beach, nearly 13 miles (21 kilometers) south of Watsonville, authorities said. Strong currents and high waves forced searchers to abandon their efforts roughly two hours later as conditions worsened. The man remained missing Monday evening. Further south in Carmel Bay, a man remained missing as of Tuesday afternoon after reports that someone was swept off the rocks into the ocean at Pebble Beach on Monday, local emergency responders said. The U.S. Coast Guard will "transition to a recovery search as ocean conditions improve in the coming days,” officials said in a statement. In a post on X, the National Weather Service office in Portland, Oregon, said, “It will likely go down as some of the highest surf this winter.” Dazio reported from Los Angeles. Associated Press writers Sophie Austin in Sacramento and Jaimie Ding in Los Angeles contributed.
SAN ANTONIO (AP) — Colorado secured what it said was record insurance coverage for quarterback Shedeur Sanders and Heisman Trophy winner Travis Hunter as the star duo opted to complete their college careers in the Alamo Bowl rather than sit out and prepare for the NFL draft. Colorado would not disclose the amount of insurance coverage each received, citing privacy laws. Coach Deion Sanders and athletic director Rick George both said it was the largest in college football history. “We happen to have two players that are probably going to be the first two picks of the NFL draft,” Sanders said Monday. “We all know who those two are and they have received, I think, the highest number of coverage that has ever been covered in college football. It far exceeds anyone that has ever played this game of college football.” While college programs maintain insurance policies for their athletes in case of injury, Colorado increased disability coverage for its entire roster in the Alamo Bowl. Sanders, the coach of the No. 20 Buffaloes, ensured his QB son and two-way star Hunter received larger policies since both are expected to be among the top 10 selections in the upcoming NFL draft. “It was his idea we should get disability insurance for our athletes for this game to ensure that they played and if there was some kind of injury that they would be well taken care of," George said. “So, we worked together on that. We’re excited about it. We think it’s great that all our players are playing in the game. That’s what all bowl games should be like.” Colorado (9-3, No. 23 CFP) will face the 17th-ranked BYU Cougars (10-2, No. 17 CFP) in the Alamo Bowl on Saturday. While most teams are scrambling with starters opting out of bowl games this year to enter the transfer portal or NFL draft, the Buffaloes did not lose any player on their two-deep roster. “It’s more than what I got (when he played at Kansas State),” Colorado linebackers coach Andre’ Hart said. “They gave us a helmet and said pop this on your leg and get out there and play. For them to get that (increased insurance coverage), I just think it’s beneficial. To talk about where the game is, where it’s going and how leadership is taking care of the players, I thought that’s excellent.” Shedeur Sanders completed 337 of 454 passes for 3,926 yards and 35 touchdowns this season. Many scouting services have Sanders rated as the top quarterback in this year's draft. Hunter received the Heisman Trophy as a two-way standout at cornerback and wide receiver. He had 92 receptions for 1,152 yards and 14 touchdowns and as a cornerback had four interceptions, broke up 11 passes and limited the opposition to 22 receptions on 688 defensive snaps. “They’ve taken care of us, everybody,” Colorado running back Micah Welch said. “It really means a lot to have every teammate up here. That's a big thing. What I like about Coach Prime, they’re taking care of us.” Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football