EXPRESS AUTHORIZES $100 MILLION STOCK REPURCHASE PROGRAM
Specialty retail apparel chain Express announced that its Board of Directors has approved a new share repurchase program for up to $100 million of the company’s outstanding common stock. Share repurchases will be funded using the Company’s available cash, including cash on hand or cash available under the company’s revolving credit facility, and are expected to be executed over the next 12 months.
This new program succeeds the company’s prior share repurchase program, which expired on November 28, 2015 and under which the company repurchased approximately 2.1 million shares for a total cost of $40 million.
Express, which sells both menswear and women’s wear currently operates more than 650 retail and factory outlet stores, located primarily in high-traffic shopping malls, lifestyle centers, and street locations across the United States, Canada, and Puerto Rico, and also sells its products through its e-commerce website as well as on its mobile app.
