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 with the industry being squeezed by discount chains and other competition.

The family behind Nordstrom Inc. is joining forces with a Mexican retailer to take Nordstrom’s private a $6.25 billion deal.

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%.