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

Members of the Nordstrom family are taking its namesake department store chain private with Mexican retailer El Puerto de Liverpool, in a deal announced Monday that values the company at $6.25 billion.

After multiple failed attempts, the Nordstrom family—with the help of another investor—is finally taking their namesake department store private. What does this mean for other department stores? Nordstrom on Monday announced that it had agreed to be taken private by the family,