The purchases, made Monday and last Friday, sent the stock of Retail Ventures -- which had closed at under $1 for the two days prior to Schottenstein's purchases -- soaring. It closed at $3.06 today.
Like that of most retailers, Retail Ventures' stock has been trading at very low levels in recent months. It has fallen as low as 90 cents, down from a 52-week high of $7.46.
Michael Broidy, a vice president of privately held Schottenstein Stores who acts as a spokesman for Schottenstein, did not return a call seeking comment on the stock purchases. In October, Schottenstein bought more than 1 million shares of stock in shoe retailer DSW, which trades separately but is controlled by Retail Ventures.
Robert Shook, a Columbus-based business author who sat on the board of Retail Ventures for several years beginning in the 1990s, said that to an outsider, Schottenstein's move would seem to be a vote of confidence for Retail Ventures.
"He must think it's a good value, and he would know more than most people," Shook said.
http://www.dispatch.com/live/content/business/stories/2008/12/18/retailventures.html?sid=101
No comments:
Post a Comment