Department store Nordstrom’s (NYSE:JWN) shares bounced back quickly on Wednesday after dipping on Wednesday morning following a tweet in which US President Donald Trump said the company had treated his daughter Ivanka “so unfairly” by stopping sales of her fashion label.
The company’s shares dropped about 0.5% before quickly recovering to trade up 3.5% at $44.29 late on Wednesday.
While the Twitter hashtag campaign #GrabYourWallet boycott of retailers associated with the Trump name started back in October, it's really picking up steam now. Home decor site Bellacor quietly deleted its collection of Trump-related items in November, then Nordstrom announced last week that they were no longer stocking Ivanka Trump's line. Since then five more stores have followed suit and ditched the brand: first, Neiman Marcus, which announced their decision a day after Nordstrom, and now Belk, Jet.com, ShopStyle, and HSN.
But it is not the only thing Niemen has pulled in the past month. In January, Neiman Marcus pulled the plug on its plan to list shares on a stock exchange, a tacit acknowledgment that the struggling luxury retailer would probably only fetch bargain basement prices for its shares.
Additionally, according to the New York Times, T.J. Maxx and Marshalls employees have been instructed to mix Ivanka Trump-labeled items into the regular racks and discard any signs that call attention to her brand.
TJ Maxx owner TJX Cos. (NYSE:TJX) shares were up 0.5% at $75.60.