NEW YORK (AP) — Nordstrom Inc. said Thursday it has agreed to sell its Faconnable brand to a Lebanon-based, family-owned company for $210 million as the high-end department store chain focuses on its main business.
As part of the agreement with M1 Group, Nordstrom said it will continue to buy Faconnable merchandise for at least the next three years and will still offer the label in its stores.
M1 Group is a diversified business based in Beirut that focuses mainly on telecom, energy and real estate activities.
The transaction is expected to close at the end of August. The company did not disclose any other financial terms of the deal.
Nordstrom said that Faconnable employees based in the United States and in Nice, France, will be offered jobs at M1 once the deal closes. Several U.S. employees will stay with Nordstrom for about a year to help with the transition, it said.