Business|The Big Number: $3.8 Billion

The family behind Nordstrom, the 123-year-old department store, announced on Wednesday that it was offering $3.8 billion to take the company private. The company, founded in Seattle, is led by a fourth generation of Nordstroms.

A little over a week ago, Nordstrom had reported strong second-quarter earnings, and its shares are up around 25 percent this year. But the company’s shares are down around 27 percent over the past five years. In March, the company forecast weak sales for 2024, though it raised its outlook for the year slightly in the latest earnings report.

Nordstrom, like many retailers, is trying to ride changing economic winds. Early in the pandemic, consumer spending was strong. But years of high inflation have since taken their toll, and consumers are spending less on items like dresses and handbags, the bread and butter for many department stores. Macy’s, the largest department chain in the United States, announced in February that it planned to close around 150 stores over the next three years.

A group of investors led by Erik Nordstrom, the company’s chief executive, and his brother Pete, the executive vice president, are leading the effort to acquire Nordstrom for $23 per share. That offer is less than 1 percent higher than the company’s closing price on Tuesday, the day before a filing revealed the bid.