In Brief: Aeropostale Buyback… Claiborne Repurchases Shares… De Sole to Rubbermaid…
Teen apparel retailer Aéropostale Inc. announced Tuesday that it will increase the company's share repurchase program by $250 million. This increase brings the total share repurchase program to $600 million.
- AEROPOSTALE BUYBACK: Teen apparel retailer Aéropostale Inc. announced Tuesday that it will increase the company's share repurchase program by $250 million. This increase brings the total share repurchase program to $600 million. The company will use a part of this authorization to implement an accelerated share repurchase program to buy back $125 million of its common shares.
-CLAIBORNE REPURCHASES SHARES: Liz Claiborne Inc.'s board authorized an additional $100 million in stock repurchase, to build shareholder value. This authorization represents approximately 4 percent of the company's current market capitalization, at Friday's closing stock price. As of Friday's market close, Claiborne had purchased approximately 105.5 million shares for approximately $2.175 billion, and had about 97.7 million shares outstanding. The last authorization was for $250 million on May 18, 2006. Repurchases will be funded through internally generated funds and available credit facilities, and shares acquired will be used for employee stock plans and other general corporate purposes. No time limit was set for the completion of the program. -DE SOLE TO RUBBERMAID: Former Gucci Group chief executive officer Domenico De Sole was elected to the board of Newell Rubbermaid Inc. De Sole is chairman of Tom Ford International, lead director of Telecom Italia SpA and director of Gap Inc. His election to Rubbermaid, which markets consumer and commercial products such as Sharpie, Paper Mate and Goody, brings the company's number of directors to 12.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"