– BUYING BACK: Gottschalks Inc.’s board approved a share buyback of up to 2 million shares of its common stock, the retailer said Monday. “The company will finance the purchase of the shares through cash and borrowings upon the completion of its newly amended credit agreement with GE Financing,” the firm said in a statement, adding the buyback is part of the retailer’s previously announced “value improvement program” and that James Famalette, chairman and chief executive officer, “is a key component of our overall efforts” to improve shareholder value.
– RICHEMONT BUY: In a move to increase its in-house manufacturing capacity, Compagnie Financière Richemont said it acquired the component production facility of the Geneva-based watch brand, Roger Dubuis. “We anticipate using that capacity to provide materials for our own house brands,” said Alan Grieve, director of corporate affairs for Richemont, which counts the likes of Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai and A. Lange & Söhne in its portfolio. The distribution rights for Roger Dubuis timepieces in key markets such as the U.S. and the Middle East is also part of the deal.
This story first appeared in the September 18, 2007 issue of WWD. Subscribe Today.