THE WHAT? Ryan Cohen is building up his stake in Nordstrom, according to a report published by Reuters, in a bid to force the US department store to swap out board members and boost performance.
THE DETAILS The billionaire investor is hoping to replace at least one director, Reuters revealed, quoting sources ‘familiar with the matter’.
THE WHY? The struggling luxury retailer’s performance is sub-par compared with peers, Reuters reveals, and Cohen is hoping to force out ‘unqualified’ directors to help return the ailing department store to profit. Cohen’s move has certainly cheered investors with Nordstrom’s stock price rising some 25 percent at last week’s close.