Already one of Nordstrom’s five biggest non-insider shareholders, meme-stock investor and GameStop chairman Ryan Cohen is reportedly upping his stake in the company, sending shares for the department store chain upward.
Shares gained over 20% on Friday on the news.
A Nordstrom spokesperson told FOX Business on Friday, “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.”
“We will continue to take actions that we believe are in the best interests of the company and our shareholders,” the spokesperson added.
A representative for Cohen has declined comment on the matter. Cohen also became active in shares of Bed Bath & Beyond which is teetering on bankruptcy.
Bruce Nordstrom, the founder, is the largest single shareholder, owning 15.7% of shares outstanding. His son Erik is CEO, while his other son, Peter, is president and chief brand officer.
Shares of the upscale retailer are little changed over the past 52 weeks.
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Nordstrom’s will report earnings on March 2nd.