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Nordstrom Spikes On Report Of Increased Stake From The Family

Nordstrom Spikes On Report Of Increased Stake From The Family

Nordstrom Inc (NYSE: JWN) shares are trading higher after reports emerged the founding family behind the department-store chain is seeking to increase its stake in the business, according to the Wall Street Journal.

Members of the Nordstrom family hold one-third of the business and are discussing a proposal to boost this stake to over 50%.

See Also: Nordstrom's Outlook Is 'Deteriorating,' UBS Says In Downgrade

According to the report, it's unclear if the family plans to increase its stake through a share buyback at a premium. There is also a rumor the board of Nordstrom is planning to bring in an outsider to replace the two great-grandsons of the founder who have been serving as co-presidents of the company.

Nordstrom shares traded up 8.8% to $33.36 at time of publication. The stock has a 52-week high of $67.74 and a 52-week low of $28.22.

Photo credit: GoToVan, via Wikimedia Commons

Posted-In: News Rumors Movers Media Trading Ideas Best of Benzinga


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