Nordstrom shares took a brief tumble Wednesday after President Donald Trump tweeted that the department store chain that decided to stop selling Ivanka Trump’s clothing and accessory line had treated his daughter “so unfairly.”
The company had said last week that it made the decision based on the brand’s performance, and that each year it replenishes about 10 percent of its supply with new products.
Trump called Nordstrom’s decision “terrible” in a tweet sent at 10:51 a.m. The tweet initially sent shares of Nordstrom tumbling, though they recovered to around $42.80 by midday
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Nordstrom didn’t immediately respond to a request for comment.
By Monday, Trump’s products were no longer on Belk’s nor Nieman Marcus’s websites either.
At Charlotte-based Belk, a spokeswoman said that the company continually assesses the performance of its brands and makes adjustments accordingly. Though the company did not say that the move to cut Trump’s brand was politically motivated, several customers voiced frustration with the move.
A social media campaign called “Grab Your Wallet” has urged a boycott of stores, including Nordstrom and Belk, that stock Ivanka Trump or Donald Trump products.
Ivanka Trump has said she would take a leave of absence from her clothing and accessories business as well as the Trump organization. Rosemary K. Young, senior director of marketing at Ivanka Trump, said last week that the brand is expanding and saw "significant" revenue growth last year compared to the previous year.
It’s not the first time Trump’s tweets have at least temporarily affected a stock. U.S. automakers, Boeing and Carrier have also suffered after his comments on Twitter.
The Observer contributed.