Top Business News

Nordstrom and Saks Head to Puerto Rico

Stock quotes in this article: SKS , JWN , TCO  

Pack your credit card. Nordstrom(JWN Quote) and Saks(SKS Quote) are heading to Puerto Rico.

Shopping center developer Taubman Centers(TCO Quote) said the two high-end retailers will have stores in the Plaza International in San Juan, Puerto Rico. The center includes a hotel, casino, shops and restaurants.

Oddly enough, earlier today P. Schoenfeld Asset Management, which own 1.5% of Saks' outstanding shares, criticized the board in a proxy letter for allowing the company to have a presence in too many locations, resulting in low sales productivity and generating unsatisfactory return on investment.

"The Saks board has been remiss in not insisting on a more rigorous allocation of capital by management," P. Schoenfeld wrote.

Shares of Nordstrom grew 2% to $22.96, while Saks soared 22% to $4.08.

Taubman shares advanced 8% to close at $24.10.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.




Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,291.26 1,098.51 2,166.90 34.74
Oil *
77.39
UP
44.29
UP
5.50
UP
15.82
DOWN
0.08
10 Yr
3.47%
SPDR Gold
109.60
+0.43%
+0.50%
+0.74%
-0.23%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services