NoDerog
Nordstrom (NYSE: JWN) up more than 30% in after-hours trading on a report supporting investor Ryan Cohen has taken a large stake in the department store chain and wants to change the board.
Cohen is known as one of the game’s leading actors the top five non-family owned retailers, according to a WSJ reports, which mentions people they know well. Cohen wants to replace one director and is looking at former Bed Bath & Beyond (BBBY) CEO Mark Tritton, who the critic believes is controversial.
Cohen, the chairman of GameStop ( GME ) and the founder of online pet retailer Chewy ( CHWY ), wants to work with Nordstrom’s management on board changes that could help cut costs, according to the report.
Cohen has gained notoriety in recent years, mainly because of his stake in GameStop, especially among meme-stock sellers. News of Cohen’s valuation of Bed Bath & Beyond ( BBBY ) in March sent its shares soaring 34% on March 6 and the revelation that he had exited the stock sent the stock tumbling 41% on August 19.
“Although Mr. Cohen has not wanted to talk to us for several years, we are open to hearing his thoughts, as we do to all Nordstrom shareholders,” a Nordstrom spokesperson said in a statement to the WSJ. “We will continue to do what we believe is best for the company and our shareholders.”
Tritton was replaced as CEO of Bed Bath & Beyond (BBBY) in late June. Before working at Bed Bath and chief merchandising at Target, he worked at Nordstrom from 201o to 2019.
Cohen’s stake (JWN) comes after the high-end retailer in September took a “poison pill” to stop taking part. The new order followed a 13G filing from Mexico City-based retailer Puerto de Liverpool that revealed the company has a 9.9% stake in Nordstrom (JWN).
In 2017 the Nordstrom family (JWN) abandoned plans to take the company private and in March 2018 Nordstrom’s special committee terminated negotiations with the Nordstrom family to take $50 per share.
Cohen’s stake in Nordstrom ( JWN ) also follows after the WSJ reported earlier this month that Cohen has acquired a multi-hundred-million dollar stake in Alibaba Group ( BABA ) and wants the company to complete more acquisitions.
