Nordstrom shares surged in extended trading on reports that activist investor Ryan Cohen had taken a stake in the department store.
Nordstrom shares jumped 30% in extended trading following reports that billionaire Ryan Cohen has taken a sizable stake in the department store.reportedly intends to urge the chain to make changes to its board following a steep share-price decline, according to The Wall Street Journal.
Cohen is one of the top-five non-family shareholders of Nordstrom and has been known to ignite rallies in so-called meme stocks, including GameStop.This image shows a Nordstrom retail store at a suburban shopping mall. The investor looks to refresh Nordstrom's board, which he believes can support cost-cutting efforts as sales decline, according to people familiar with the situation.
His goal is to replace at least one director, believed to be former Bed, Bath & Beyond CEO Mark Tritton, who chairsCohen believes it is inappropriate for Tritton to have a say in compensation for Nordstrom family members, given that he used to work around them, the people said. BED BATH & BEYOND SLIDES AFTER RYAN COHEN FILES FOR STAKE SALE
"While Mr. Cohen hasn’t sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders," a Nordstrom spokeswoman said in a statement. "We will continue to take actions that we believe are in the best interests of the company and our shareholders."and pushed for changes during Tritton’s tenure at the home-goods retailer, which may soon file for bankruptcy production.
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