RYAN COHEN becomes a shareholder of NORDSTROM

According to a report released by Reuters, Ryan Cohen is increasing its stake in Nordstrom to force the American department store to change its board members and improve its performance.

Ryan Cohen, a billionaire investor, hopes to replace at least one director.

Nordstrom, a struggling luxury goods retailer, has underperformed its peers, and Ryan Cohen hopes to force the "unqualified" director to leave to help the struggling department store turn losses into profits. Ryan Cohen's move undoubtedly encouraged investors, with Nordstrom's stock price rising by about 25% at the close of last week.

The Wall Street Journal reported that Ryan Cohen had previously traveled to Seattle, where Nordstrom is located, to meet with family members and learn more about the business.

Ryan Cohen and Nordstrom did not immediately respond to Reuters' request for comment.

Last September, this department store chain implemented a "poison pill" measure to prevent investors from increasing their holdings by 10% or more, after Mexican department store Liverpool disclosed a 9.9% passive stake in Nordstrom.

Ryan Cohen also owns a 9.8% stake in Bed Bath&Beyond, and he sold the company in August, when the stock experienced an astonishing rebound. According to Reuters' review of regulatory documents and an insider, he will receive a pre tax profit of $55 million to $60 million in this sale.

Ryan Cohen, known for helping ignite big rallies in so-called meme stocks including GameStop Corp., GME -0.91%decrease; red down pointing triangle is one of the top-five nonfamily shareholders of Nordstrom, the people said.